South Korean banks kick off yuan lending for trade settlement use

This comes as Korea's central bank and the People's Bank of China agreed to let their companies settle trade bills with their respective currencies using part of the two sides' currency swap deal worth 64 trillion won (US$59.21 billion) or 360 billion yuan.

Korean importers would be able to borrow from their local lenders that will have access to some 6.2 million yuan in the central bank's yuan account, and vice versa.

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