The Bank of Korea and the Ministry of Economy and Finance announced Wednesday that they have selected 12 banks, including KB Kookmin Bank and NH NongHyup Bank, as market makers for the won-yuan direct trading market in 2026.
The seven domestic banks designated are KB Kookmin Bank, NH NongHyup Bank, Shinhan Bank, Woori Bank, Industrial Bank of Korea, Hana Bank, and Korea Development Bank. Five foreign bank branches in Korea were also selected: Bank of Communications, China Construction Bank, Industrial and Commercial Bank of China, Bank of China, and HSBC.
The number increased by one from this year's 11, with NH NongHyup Bank being newly added.
The BOK said market makers were selected based on criteria including trading performance in the won-yuan direct trading market, compliance with market maker quoting obligations, and customer transaction volume. The selected banks will lead price formation and provide liquidity to the market by continuously offering bid and ask prices during trading hours in the won-yuan direct trading market.
The won-yuan direct trading market, first established in 2014, was introduced to expand bilateral trade and enhance financial efficiency between the two countries. Financial authorities have implemented various measures to promote direct trading between the two currencies. The average daily spot transaction volume in Seoul's won-yuan direct trading market increased from $2.42 billion last year to $3.13 billion this year (January-September).
