Samsung Electronics says to start won-yuan direct trade on March 16
By Reuters
Mar 12, 2015 05:13 AM EDT
Regions
Shares in Samsung Electronics Co Ltd plummeted more than 3 percent on Thursday as profit-taking and a lackluster outlook for first-quarter earnings weighed after recent gains. (Photo : Reuters)
South Korean tech giant Samsung Electronics Co Ltd said on Thursday it will start buying or selling the Chinese yuan for the won from the Seoul market on March 16.
The company would use the Korean yuan-won market, which launched in December, to settle direct transactions between its headquarters and Chinese subsidiaries, a spokeswoman said. She declined to comment on details, including how big such transactions could be.
Samsung's entry could give a major lift to the fledgling yuan-won market. China seeks to boost international use of the yuan while South Korea wants to be among the global hubs for yuan-related businesses.
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