The Bank of China has decided to participate in Seoul’s yuan-won futures market.

According to industry sources on Monday, the Seoul branch of the Bank of China filed an application with the Financial Services Commission(FSC) in March for the permission of launching its derivatives investment business in South Korea.

The FSC’s eight-member review committee advised the FSC to grant preliminary permission to the request by the Chinese bank, which is expected to take place soon.

The FSC and the operator of the Seoul bourse, the Korea Exchange, expect the participation by the Chinese bank will significantly contribute to revitalizing the yuan-won futures market.