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Home > mk Business News 프린트 이메일 전송 리스트
S. Korea, China agree to utilize swap line worth $59 bn for trade settlement
2012.12.04 18:09:47 | 2012.12.04 18:10:21

[S. Korea, China agree to utilize swap line worth $59 bn for trade settlement] 기사의 본문 이미지

South Korea and China agreed to utilize the existing bilateral currency swap line valued at 64 trillion won ($59 billion or 360 billion Chinese yuan) in boosting trade settlement in the two countries' currencies within this year.

Korea’s Bank of Korea (BOK) and Ministry of Strategy and Finance (MOSF) announced Tuesday that they will put into use the proceeds of the Korea-China swap arrangement to lend respective local trading firms the yuan and the Korean won for use in settling trade bills within the end of this year.

In accordance with the scheme, central banks of both countries are also expected to place their respective currencies in each other’s account.

Under the agreement, the BOK will lend money, yuan currency swap proceeds it secured from the Chinese central bank, to commercial banks and the Korean firms will be able to use the proceeds in a trade settlement with Chinese firms. In this way, Korea’s exporters in China can gather payments in the won.

With this trade settlement scheme in place, both nations’ reliance on the dollar for the bilateral trade will be lessened, supporting the internationalizations of both currencies. Currently, 98 percent of all Korea-China trades are being settled in the dollar.

By using their currency swap proceeds, the won can be directly exchanged into the yuan at the Shibor Shanghai Interbank Offered Rate (SHIBOR).

“The Shibor Shanghai Interbank Offered Rate (SHIBOR) has been lowered to near the level of the Hong Kong Inter-bank Offered Rate (HIBOR) and the utilization of currency swap line arranged by the central banks will help curb volatility in interest rates, all of which contribute to raising funds in stable manners,” noted an official of the BOK.

Any lending and borrowing with Korea-China currency swap proceeds will be exempt from the reporting requirement in a bid to facilitate the new trade settlement scheme, said the MOSF.

[Written by Beom-joo Jeon - Jieun Lee/ edited by Soyoung Chung]

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Korean View
韓·中 통화스왑 64조 무역결제 활용
中수출대금 원화로 받아…환전수수료가 변수

한국과 중국의 64조원(3600억위안) 규모 통화스왑 자금을 양국 기업 간 무역결제에 활용하는 방안이 연내 마련된다. 원ㆍ위안화 통화시장이 따로 없는 상황에서 양국 중앙은행이 보유한 통화스왑을 통해 `달러 없이도` 자체 통화로 무역결제를 할 수 있는 길이 열린 셈이다. 하지만 실제 한ㆍ중 무역거래를 들여다보면 이 제도가 얼마나 실효를 거둘 수 있을지 비관적인 전망이 지배적이다.

한국은행과 기획재정부는 4일 한ㆍ중 통화스왑 자금을 국내 기업의 대중(對中) 위안화 무역 결제와 중국 기업의 대한(對韓) 원화 무역 결제를 지원하는..

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