Skip to content

Samsung Plans to Settle Chinese Business in RMB

Well-known Chinese news site Sina recently reported that Samsung, the largest Korean corporation, announced its plan to settle its businesses with China in the Chinese currency, RMB. The plan is to settle transactions in RMB in the Seoul Offshore RMB Settlement Market. As of March 12, the average daily inter-bank exchange amount between the Korean and the Chinese currencies in the Seoul Market was around US$1.6 billion. The daily exchange market volume between the Korean currency and the U.S. Dollar is around US$10 billion. Seoul became an official offshore RMB trading center in July of last year. The Chinese Bank of Communications is its RMB clearing bank. Before that, Hong Kong, London, Frankfurt, and Singapore had already been the official RMB trading centers. Following Seoul, Toronto, Bangkok and Sydney also became official offshore centers. 
Source: Sina, March 12, 2015