Chinese banks is attracting the floating large sums of money in Korea is, and due to the fact that we have developed ABCP products first merit backed by RMB time deposits, securities company in Korea, has been actively marketed. September this year, interest rate than (3.3% per year) the one-year time deposits of commercial banks, securities Eastern Launch of ABCP products with high 0.5 points. Eastern Securities, a format that opened the yuan fixed deposit account in Bank of China, set the ABCP that was secured by it, to be sold to customers. Customer funds are deposited into RMB time deposit. first merit Why investors, buy ABCP products, in order to conduct a hedge exchange futures market, to remove the risk of exchange first merit rate fluctuations. Until 1 yuan = 190 won at the end of June this year, the original first merit safety advances to 174 won recently, investment in RMB, the stronger yuan renminbi has progressed and become a concern situation forced the foreign exchange losses have.
Person in charge of the eastern securities are described in "can be expected profit of something extra to low interest rates era, investors rushed" he said. Did not address the first ABCP product, it was the eastern securities about Bank of China, first merit but, in response to the growing popularity of RMB-denominated ABCP products, is 6-7 companies securities industry of Korea and Bank of Communications from November, 6000 etc. to sell the yuan time deposit collateral ABCP products billion won (about 58.8 billion yen) scale, financial institutions are increasing. Under these flow, RMB deposits in South Korea, has reached 4.1 billion $ 70 million increase to 154% (about 4,295 one hundred million yen / 103 yen) compared to the end of the previous month at the end of November. Or more, from South Korea paper
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