Portion of Japanese yen for S. Korean export settlement hits record low
SEOUL, July 23 (Xinhua) -- The portion of the Japanese yen for export settlement in South Korea hit a record low in the second quarter of this year, while the percentage of the Chinese yuan continued to grow, central bank data showed Wednesday.
The portion of the Japanese yen, which was used to settle export proceeds, came in at 3.1 percent of the total in the second quarter, according to the Bank of Korea. It was the lowest since the related data began to be compiled in 1992.
The rate for the Japanese yen kept falling from the 6 percent level in the 1990s to the 5 percent level in 2000s. It recorded 4. 4 percent in 2011, 4.3 percent in 2012 and 3.5 percent in 2013.
The prolonged weakness of the yen discouraged South Korean companies from settling export proceeds with the Japanese currency.
The percentage of the Chinese yuan continued to rise to 0.4 percent in the first half of this year from 0.1 percent in 2011. The figure for goods imports, which were settled in the Chinese yuan, rose from 0.03 percent to 0.13 percent in the cited period.
The yuan's portion was expected to grow further as South Korea and China agreed to launch a market for direct trading between currencies of the two countries.
The rate of the U.S. dollar for export settlement was 85.8 percent in the second quarter, up 0.9 percentage points from the prior quarter. It was the highest among total export settlement currencies.
The readings for the European single currency and the South Korean won were 5.6 percent and 2.1 percent each.