Korean banks allowed to deal in yuan
1 June 2002
The Dalian and Tianjin branches of Korea Exchange Bank, Chohung Bank, Shinhan Bank and Industrial Bank of Korea have been permitted to offer yuan currency services to Korean clients in these cities, Korea Herald said. The decision was made during a meeting in Beijing between Korea's Minister of Finance and Economy, Jeon Yun-churl, and Zeng Peiyuan, chairman of China's State Development Planning Commission.
China also undertook to help Korean banks open branches in Beijing, Shanghai and Qingdao and to allow Samsung Insurance to enter the Chinese market by the end of this year.