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SOUTH KOREA – CHINA
South Korea and China, seek increased trade.
China and South Korea on Thursday agreed to expand the use of China's tightly controlled currency and boost trade.
South Korean won will become directly exchangeable with the yuan, joining major currencies such as the U.S. dollar, Japanese yen and euro that are convertible with the Chinese currency.
The decision also makes the yuan only the second currency after the U.S. dollar that is directly convertible with the won.
South Korea's two-way trade with China was $229 billion last year, exceeding the combined value of South Korea's trade with the U.S. and Japan; the two countries will strive to boost their trade to top $300 billion.
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