The Bank of Korea plans to invest some of its $307bn of foreign exchange reserves in renminbi-denominated assets on the Chinese mainland, as the central bank diversifies away from the US dollar.
The bank has applied to Beijing for a quota under the qualified foreign institutional investor (QFII) programme, which allows overseas groups to buy equities and bonds on the mainland.
“It is time to think about directly investing in mainland assets, given China’s fast-growing economy and Beijing’s increasing efforts to internationalise its currency,” Kang Sung-kyung, a senior BoK official said.
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