South Korea will encourage businesses to use the Chinese yuan for trade and build the necessary infrastructure to clear and settle accounts with the currency, the government said Friday.
In a meeting of economic policymakers that included representatives from the central bank and the Financial Services Commission, the finance ministry said the goal is to use the yuan as a medium of exchange for up to 20 percent of all South Korea-China commercial transactions, up from just 1.2 percent in 2013.