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South Korea's Woori Bank said Wednesday it has offered a won-denominated usance letter of credit worth 85 billion won ($76.2 million) to some Chinese banks, including the Bank of China and the Bank of Communications.
The facility allows South Korean firms doing businesses in China to help ease their risks related to foreign currency fluctuations, Woori Bank said in a statement.
Using the credit facility, a South Korean firm can swiftly receive a payment with the Korean currency when it exports goods to a Chinese firm.
An official at Woori Bank said the won-denominated letter of credit would significantly reduce the cost of currency risk for South Korean firms. (Yonhap)
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