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S. Korea's yen use in trade settlement posts record low in 2014

Xinhua, January 27, 2015 Adjust font size:

South Korean companies' usage of Japanese yen in trade settlement fell to record low in 2014, as local companies refrained from receiving the Japanese currency, which sharply depreciated to its peers on monetary stimulus, central bank data showed on Tuesday.

The portion of the Japanese yen in export settlement accounted for 3.1 percent of the total, according to Bank of Korea (BOK). It was the lowest since 1992 when the bank began compiling the data.

The yen portion kept falling from 6 percent to 7 percent in 1990s to 4.4 percent in 2011, 4.3 percent in 2012 and 3.5 percent in 2013.

The prolonged weak yen trend, caused by a so-called Abenomics, discouraged domestic exporters from receiving export proceeds denominated in the Japanese currency.

South Korea's exports to Japan fell 7 percent in 2014 from a year earlier, contributing to reduced yen settlement.

The yen portion in import settlement also posted a record low of 5 percent in 2014.

The portion of the Chinese yuan in trade settlement continued to grow. The figure for export settlement climbed from 0.1 percent in 2011 to 0.5 percent in December 2014.

The yuan usage in import settlement increased from 0.03 percent in 2011 to 0.2 percent in 2014.

Among currencies, the U.S. dollar logged the biggest portion in 2014 with 85.8 percent in export settlement. The dollar usage in import settlement was 84.3 percent last year. Endi