The Bank of Korea has, by utilizing the proceeds of the won-yuan swap agreement between the Bank of Korea and the People’s Bank of China, initiated use of the domestic currencies in trade settlement from early this year.
Although we are still in an initial stage of striving to organize and foster the related systems, we can say that we have taken the first step, albeit cautiously, toward internationalization of the Korean won, and that there may ultimately be a need to examine measures for expanding this effort to all economies with which Korea has concluded FTAs.