SINCE July 5, Qingdao has become one of the first cities in the country to pilot South Korean Won (KRW) exchange as a way of promoting Sina-South Korean trading and investment.

    Qingdao will first promote RMB and KRW exchanges in banking and gradually build a KRW exchange system and KRW settlement center in Shandong Province.

    The banks announced the exchange rate of RMB and KRW every day and provide exchange services to qualified clients.

    At present, the Qingdao Branch of Bank of Communications and the Qingdao Branch of IBK Bank in South Korea offer the service, other State-owned banks and South Korean banks in the city will also do the same soon.

    The new service can reduce the risk brought by foreign exchange fluctuation and simplify the exchange procedures, which will effectively promote trade between the two countries.

    (Wang Yuanyuan, Fu Jun)