Niu Ximing, chairman of the Bank of Communications, says that the clearing bank will boost Sino-Korea co-operation in finance and trade, and accelerate the internationalization of renminbi.[Photo/Xinhua]

The Bank of Communications, selected as the clearing bank for renminbi transactions in Seoul, South Korea, on July 4th, recently opened up its clearing businesses.

"The clearing bank will boost Sino-Korea co-operation in finance and trade, and accelerate the internationalization of renminbi, thereby paving ways for the establishment of the renminbi offshore capital market in Seoul", said Niu Ximing, chairman of the Bank of Communications.

He added, China has become South Korea's largest trading partner in the past nine years, and Korea is China's third-largest trading partner, which promotes the two sides' free trade partnership, and takes it to a new level.

Bank of Communications Seoul Branch has established a professional team, and a complete product and processing system for its renminbi clearing businesses. The bank, founded in 2005, had an asset of 7.6 billion yuan ($1.24 billion) and made a pre-tax profit of $62.53 million by the end of September 2014.