South Korea plans to launch a market for direct trading of its currency with China's yuan this week, officials said Sunday, a move that could facilitate trade based on their currencies and reduce their dependence on the U.S. dollar.
The won-yuan direct trading market is scheduled to open at 9 a.m. on Monday, following last week's test run of a transaction system, according to the finance ministry and the Bank of Korea. Like the won-dollar market, the new market opens at 9.a.m. and closes at 3 p.m. every business day.