China Woori Bank, Recognized Locally for 6 Consecutive Years as an 'Outstanding Interbank Foreign Exchange Market Institution'

Exterior view of China Woori Bank

[Asia Economy Reporter Song Seung-seop] Woori Bank's local subsidiary in China, China Woori Bank, has been selected as an 'Outstanding Institution in the Interbank Foreign Exchange Market in 2021.'

The Foreign Exchange Trading Center (CFETS) under the People's Bank of China annually evaluates and announces outstanding institutions among a total of 757 member companies to encourage the sound development of the interbank foreign exchange market in China. China Woori Bank was selected as an outstanding institution for six consecutive years in the 'KRW-CNY Direct Trading Outstanding Market Maker' category.

A market maker is a bank authorized by the People's Bank of China to quote exchange rates in the interbank market and provide market liquidity. The KRW-CNY direct trading market in China was established in 2016, and currently, 15 banks hold market maker status. China Woori Bank accounts for over $900 million in transaction volume through active marketing utilizing the interbank network.

A Woori Bank official stated, "This will be an opportunity to enhance the status of Korean banks in the highly competitive foreign exchange market in China," and added, "We will accelerate localization by discovering business opportunities that leverage our strengths and expanding digital-based businesses."