Transcript Slide 1

Hong Kong Monetary Authority
香港金融管理局
How Hong Kong’s multi-currency financial infrastructure
platform helps meet the needs of Mainland banks in
managing foreign exchange settlement risk
Y K Choi
Deputy Chief Executive
Hong Kong Monetary Authority
Beijing‧Shanghai
6 - 7 June 2006
Y CNY HKD
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D CAD GBP
Agenda
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F USD EUR
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Y CNY HKD
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(1) Financial reforms in Mainland China
(2) Foreign exchange settlement risk on the Mainland
(3) How to leverage on Hong Kong’s settlement platform
(4) Hong Kong’s financial infrastructure
D CAD GBP
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F USD EUR
(5) Co-operation for development between Hong Kong
and the Mainland
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B USD EUR
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B CAD AUD
2
Y CNY HKD
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D CAD GBP
Highlights of 11.5 Roadmap
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F USD EUR
Chapter 33 Stepping up financial reforms
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Clause 2 – expedite the development for direct fund
raising activities
Y CNY HKD
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D CAD GBP
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F USD EUR
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JPY NZD
– Actively develop equities, debt and futures markets
– Perfect financial market structure and functions
– Introduce channels through which funds can enter
the market, increase the share of direct fund raising
activities
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B USD EUR
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B CAD AUD
3
Y CNY HKD
₩ $ ₨ ₣ ¥
D CAD GBP
Highlights of 11.5 Roadmap
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F USD EUR
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D
JPY NZD
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Y CNY HKD
₩ ¥ ₨ ₣ ¥
D CAD GBP
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F USD EUR
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Clause 3 – perfect monetary fine-tuning
mechanism
JPY NZD
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– Pursue steady development of currency
markets, rationalise monetary policy
transmission mechanism, promote interest
rate liberalisation reforms
– Perfect managed floating exchange rate
regime, moving gradually towards
convertibility for the Renminbi’s (RMB) capital
account items
B USD EUR
₩ € ₨ ₣ ¥
B CAD AUD
4
Y CNY HKD
Reforms in Mainland’s
foreign exchange market
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D CAD GBP
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F USD EUR
FX reform measures introduced since mid-2005
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–
Perfect renminbi exchange rate formation mechanism
D
–
Greater access to foreign exchange (FX) market：allowing qualified financial
institutions and corporations to take part in the FX market
–
Enrich the mode of FX transactions：introduce market-driven over-the-counter
(OTC) FX trading mode
–
Expand the variety of FX products：allowing interbank forward FX transactions
and swap transactions between RMB and other foreign currencies
JPY NZD
₩ ¥ ₨ ₣
Y CNY HKD
₩ ¥ ₨ ₣ ¥
D CAD GBP
₨ ₣ ¥ ₤ €
F USD EUR
Qualified Domestic Institutional Investor (QDII) scheme introduced in mid-2006
–
Allowing offshore investments by Mainland entities and individuals
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D
JPY NZD
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B USD EUR
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B CAD AUD
Mainland’s FX market
–
Of the average daily FX turnover of around US$1bn+，the majority are
associated with the USD, and remaining with HKD, euro and yen
–
The USD and euro funds are predominantly settled in the US and Europe
5
Y CNY HKD
₩ $ ₨ ₣ ¥
D CAD GBP
Foreign exchange settlement risk
₨ ₣ ¥ ₤ €
F USD EUR
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D
JPY NZD
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Y CNY HKD
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• FX transactions for RMB against foreign currencies are
respectively settled in different time zones
• Having the FX transactions settled overseas and impacted by
the time zone difference, financial institutions involved are
exposed to over 20 hours of “non-synchronised” settlement risk
involving the entire settlement amount
D CAD GBP
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this is referred to as the Herstatt Risk
F USD EUR
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D
JPY NZD
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B USD EUR
₩ € ₨ ₣ ¥
B CAD AUD
• With OTC FX transactions gaining increasing popularity and
the restrictions on offshore investments by Mainland entities
and individuals lifted gradually, the amount of FX transactions
that needs to be settled will increase substantially – the bigger
the amount, the higher the risk
6
Y CNY HKD
Settlement risk for
USD/RMB FX transactions
₩ $ ₨ ₣ ¥
D CAD GBP
₨ ₣ ¥ ₤ €
Mainland China
New York, USA
F USD EUR
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D
JPY NZD
Bank A
₩ ¥ ₨ ₣
Mainland receives credit
confirmation at 9am
on the next day
Bank A’s
US correspondent bank
Y CNY HKD
₩ ¥ ₨ ₣ ¥
D CAD GBP
₨ ₣ ¥ ₤ €
F USD EUR
Pay RMB
funds
during the
day in the
Mainland
Over 20 hrs of time zone difference
Involving the entire principal amount:
Herstatt Risk
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D
JPY NZD
₩ ¥ ₨ ₣
B USD EUR
₩ € ₨ ₣ ¥
B CAD AUD
Receive
USD in
New York
on the
same day
(evening in
the
Mainland)
Wire payment instruction
Bank B
Bank B’s
US correspondent bank
7
Y CNY HKD
₩ $ ₨ ₣ ¥
D CAD GBP
₨ ₣ ¥ ₤ €
F USD EUR
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D
Ensuring financial
stability and integrity
Stepping up financial
reforms and development
Financial and economic
activities take off
JPY NZD
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Y CNY HKD
Tremendous Increase
in FX turnover
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D CAD GBP
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Safe and efficient
foreign currency settlement system
F USD EUR
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JPY NZD
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B USD EUR
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B CAD AUD
Reduce settlement risk
Increase funding efficiency
 Meeting the objective for ensuring
financial stability and integrity
8
Y CNY HKD
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D CAD GBP
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Hong Kong’s five major
financial development strategies
F USD EUR
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Strategies that facilitate financial markets development
on the Mainland:
Y CNY HKD
– Hong Kong financial institutions to go into the Mainland to provide
services
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– Hong Kong to serve as a gateway for Mainland funds to come out
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D CAD GBP
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F USD EUR
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JPY NZD
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– Financial instruments issued in Hong Kong, particularly those issued
by Mainland enterprises, to be made available on the Mainland
– To enhance the capability of Hong Kong’s financial system to handle
renminbi-denominated transactions
– To strengthen financial infrastructure linkages
between Hong Kong and the Mainland
B USD EUR
₩ € ₨ ₣ ¥
B CAD AUD
9
Y CNY HKD
Strategies that facilitate
financial markets development
₩ $ ₨ ₣ ¥
D CAD GBP
₨ ₣ ¥ ₤ €
F USD EUR
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D
JPY NZD
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Y CNY HKD
To further strengthen financial infrastructure linkages between Hong
Kong and the Mainland, Hong Kong has been actively developing
cross-border settlement arrangements with the Mainland to provide
convenient, safe and efficient settlement for cross-border financial
intermediation activities:
₩ ¥ ₨ ₣ ¥
D CAD GBP
–
To channel overseas savings into Mainland investments
₨ ₣ ¥ ₤ €
–
To channel Mainland savings into overseas investments
F USD EUR
–
To help expand the scope of business for Hong Kong’s financial sector
₨ ₩ ¥ ₨
–
To provide the Mainland with a greater diversity of financial services and
instruments
–
To bring convenience to Mainland funds investing in Mainland-related
stocks and bonds issued in Hong Kong
–
To expand the RMB business as a pilot for moving towards full
convertibility for the RMB
D
JPY NZD
₩ ¥ ₨ ₣
B USD EUR
₩ € ₨ ₣ ¥
B CAD AUD
10
Hong Kong’s role
for financial intermediation
Y CNY HKD
₩ $ ₨ ₣ ¥
D CAD GBP
₨ ₣ ¥ ₤ €
F USD EUR
Mainland
Overseas
Mainland
savings
Overseas
investments
₨ ₩ ¥ ₨
D
JPY NZD
Hong Kong
₩ ¥ ₨ ₣
Multi-instrument
settlement platform
Cross-border
payment and
settlement platform
HKD
Debt
Payment linkages
with Mainland
USD
Equity
EUR
CMU’s linkage with
CDC, Mainland
Banking
Service
Multi-currency
payment platform
Y CNY HKD
₩ ¥ ₨ ₣ ¥
D CAD GBP
₨ ₣ ¥ ₤ €
F USD EUR
₨ ₩ ¥ ₨
D
RMB
JPY NZD
CMU’s linkage with
Euroclear /
Clearstream
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B USD EUR
₩ € ₨ ₣ ¥
B CAD AUD
Mainland
investments
CMU = Central Moneymarkets Unit
CDC = China Government Securities
Depository Trust & Clearing Co. Ltd.
Overseas
savings
11
Y CNY HKD
Hong Kong as
a fund raising centre
₩ $ ₨ ₣ ¥
D CAD GBP
₨ ₣ ¥ ₤ €
F USD EUR
₨ ₩ ¥ ₨
D
JPY NZD
₩ ¥ ₨ ₣
Hong Kong has been pursuing new funds transfer and settlement
arrangements to strengthen Hong Kong’s capability as a fund raising centre:
At the end of 2005,

Hong Kong has surpassed Japan to become Asia’s most prominent centre for initial
public offerings (IPO) with the largest amount of IPO funds raised in Asia

Stock market capitalisation reached HK$8 trillion equivalent, ranking 8th in the world (In
May 2006, Hong Kong’ stock market capitalisation reached HK$10 trillion equivalent)

A total of 209 Mainland-related (H shares & red chips) companies were listed in Hong
Kong’s stock exchange, representing 1/3 of the total market capitalisation

H shares & red chips raised as much as HK$180 billion, accounting for 60% of total
funds raised and represented 40% of the total trading volume
Y CNY HKD
₩ ¥ ₨ ₣ ¥
D CAD GBP
₨ ₣ ¥ ₤ €
F USD EUR
₨ ₩ ¥ ₨
D
JPY NZD
₩ ¥ ₨ ₣
B USD EUR
₩ € ₨ ₣ ¥
B CAD AUD
The Bank of China has completed listing in Hong Kong’s stock exchange on 1 June. Its IPO
attracted HK$270 billion funds for subscription representative to over 70 times of oversubscription. Together with other interbank payments, Hong Kong’s HKD payment
system handled over HK$1 trillion funds that day.

The FX market registering an average daily turnover of over USD100 billion (about
HKD800 billion) ranked 6th in the world
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Y CNY HKD
₩ $ ₨ ₣ ¥
D CAD GBP
₨ ₣ ¥ ₤ €
F USD EUR
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JPY NZD
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Cross-border payment systems – facilitate
cross-border financial intermediation
To provide highly efficient and low risk settlement service for commercial
payments, remittances and FX transactions between Hong Kong and the
Mainland:
–
RTGS system：cross-border RTGS system linkages have been established with
the Guangdong Province and Shenzhen city to provide cross-border HKD & USD
RTGS payment service to banks in Hong Kong and the Mainland, thereby
improving the efficiency for cross-border flow of funds and settlement efficiency
–
Joint cheque clearing：cross-border joint cheque clearing facilities (for HKD, USD
& RMB cheques) have been established with the Guangdong Province and
Shenzhen city that promote the effectiveness and safety of cross-border cheque
settlement
–
Debt clearing system：the central debt clearing, settlement and custodian systems
(ie the CMU in Hong Kong and the CDC in the Mainland) have established crossborder system linkages to facilitate cross-border debt securities settlement
–
Hong Kong’s RMB business that provides specialised cross-border RMB payment
and settlement service
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Y CNY HKD
₩ ¥ ₨ ₣ ¥
D CAD GBP
₨ ₣ ¥ ₤ €
F USD EUR
₨ ₩ ¥ ₨
D
JPY NZD
₩ ¥ ₨ ₣
B USD EUR
₩ € ₨ ₣ ¥
B CAD AUD
Y CNY HKD
₩ $ ₨ ₣ ¥
D CAD GBP
₨ ₣ ¥ ₤ €
F USD EUR
₨ ₩ ¥ ₨
D
Mainland’s FX transactions
JPY NZD
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Y CNY HKD
- Utilising Hong Kong’s foreign
₩ ¥ ₨ ₣ ¥
D CAD GBP
currency settlement platform
₨ ₣ ¥ ₤ €
F USD EUR
₨ ₩ ¥ ₨
D
JPY NZD
₩ ¥ ₨ ₣
B USD EUR
₩ € ₨ ₣ ¥
B CAD AUD
14
Y CNY HKD
₩ $ ₨ ₣ ¥
D CAD GBP
Hong Kong’s financial infrastructure
₨ ₣ ¥ ₤ €
F USD EUR
₨ ₩ ¥ ₨
D
JPY NZD
 Multi-currency and multi-dimensional payment,
settlement and custodian system that meets the
world’s most advanced standards
₩ ¥ ₨ ₣
Y CNY HKD
₩ ¥ ₨ ₣ ¥
D CAD GBP
₨ ₣ ¥ ₤ €
 Provide a safe and robust, comprehensive and
efficient financial infrastructure platform for the
smooth settlement of all types of financial
transactions
F USD EUR
₨ ₩ ¥ ₨
D
JPY NZD
₩ ¥ ₨ ₣
B USD EUR
₩ € ₨ ₣ ¥
B CAD AUD
 Cater not only for market participants in Hong
Kong, the multi-currency, same time zone
settlement platform also serves the Mainland and
Asia markets
15
Y CNY HKD
₩ $ ₨ ₣ ¥
D CAD GBP
₨ ₣ ¥ ₤ €
Hong Kong’s multi-currency
settlement functions
F USD EUR
₨ ₩ ¥ ₨
D
JPY NZD
₩ ¥ ₨ ₣
Y CNY HKD
₩ ¥ ₨ ₣ ¥
D CAD GBP
₨ ₣ ¥ ₤ €
F USD EUR
₨ ₩ ¥ ₨
D
HKD, USD, EUR
RTGS System
JPY NZD
₩ ¥ ₨ ₣
B USD EUR
₩ € ₨ ₣ ¥
B CAD AUD
Real-time interbank transfer and settlement for HKD, USD and
euro funds in Hong Kong (The HKD RTGS system on average settles
HK$600 bn interbank funds transfer daily. The USD & EUR RTGS systems register
an average daily turnover of US$6.7 bn and EUR1.2 bn respectively)
PvP
PvP settlement for multi-currency foreign exchange
Payment-versustransactions (USD/HKD, EUR/USD, EUR/HKD, HKD/CNY)
Payment
DvP
Delivery-versusPayment
HKD & USD
cheques
DvP settlement for securities transactions denominated in
HKD, USD & EUR
HKD & USD funds will be available on the next day following
the presentation of HKD or USD cheques to the bank
16
Y CNY HKD
₩ $ ₨ ₣ ¥
D CAD GBP
₨ ₣ ¥ ₤ €
F USD EUR
New measures in the light of
Mainland’s FX reforms
₨ ₩ ¥ ₨
D
JPY NZD
₩ ¥ ₨ ₣
Y CNY HKD
The Hong Kong Monetary Authority (HKMA) has
enhanced the functionalities of Hong Kong’s
settlement systems:
₩ ¥ ₨ ₣ ¥
D CAD GBP
₨ ₣ ¥ ₤ €
F USD EUR
₨ ₩ ¥ ₨
D
JPY NZD
₩ ¥ ₨ ₣
Hong Kong’s multi-currency systems have incorporated
new enhancements in April 2006 to specially provide
cross-border settlement of the foreign currency legs of
Mainland’s FX transactions in Hong Kong: Mainland’s FX
transactions will be settled in the quickest manner with the
highest liquidity management efficiency
B USD EUR
₩ € ₨ ₣ ¥
B CAD AUD
17
Y CNY HKD
₩ $ ₨ ₣ ¥
D CAD GBP
₨ ₣ ¥ ₤ €
F USD EUR
₨ ₩ ¥ ₨
D
JPY NZD
₩ ¥ ₨ ₣
Y CNY HKD
₩ ¥ ₨ ₣ ¥
D CAD GBP
₨ ₣ ¥ ₤ €
F USD EUR
Utilising Hong Kong’s
multi-currency settlement platform
The People’s Bank of China (PBOC) allows market participants
engaging in OTC FX transactions to agree the settlement
channel bilaterally:
– Mainland market participants engaging in FX transactions (such as banks,
financial institutions, FX market makers, rural cooperatives, etc) should
make greater use of Hong Kong’s foreign currency settlement platform to
settle the foreign currency legs of RMB-related FX transactions
– Practice real time payment and receipt of foreign currency (HKD, USD &
EUR) funds in Hong Kong: to reduce settlement risk; raise efficiency of
managing foreign currency funds; and enhance funding efficiency
₨ ₩ ¥ ₨
D
JPY NZD
₩ ¥ ₨ ₣
Achieving same time zone settlement of RMB and
foreign currency funds on the Mainland and Hong
Kong respectively to eliminate overnight risks
B USD EUR
₩ € ₨ ₣ ¥
B CAD AUD
18
Y CNY HKD
₩ $ ₨ ₣ ¥
D CAD GBP
₨ ₣ ¥ ₤ €
Benefits of same time zone settlement
for Mainland’s FX transactions
F USD EUR
₨ ₩ ¥ ₨
D
JPY NZD
₩ ¥ ₨ ₣
Y CNY HKD
₩ ¥ ₨ ₣ ¥
D CAD GBP
₨ ₣ ¥ ₤ €
– Eliminate Herstatt risk for FX transactions
arising from settlement in different time zones
– Raises efficiency in managing foreign currency
liquidity
– Provide additional liquidity for intraday
transactions, strengthen liquidity management
F USD EUR
₨ ₩ ¥ ₨
D
JPY NZD
₩ ¥ ₨ ₣
B USD EUR
₩ € ₨ ₣ ¥
B CAD AUD
– Reduce operational risk
– Enjoy statutory protection for settlement finality
under Hong Kong’s Clearing and Settlement
Systems Ordinance
19
Y CNY HKD
₩ $ ₨ ₣ ¥
D CAD GBP
₨ ₣ ¥ ₤ €
F USD EUR
RMB-related FX transactions
- same time zone settlement via HK
Beijing / Shanghai
Hong Kong
₨ ₩ ¥ ₨
D
Credit confirmation to be
received on the same day
JPY NZD
₩ ¥ ₨ ₣
Bank A
Same time zone
settlement
Y CNY HKD
₩ ¥ ₨ ₣ ¥
D CAD GBP
₨ ₣ ¥ ₤ €
F USD EUR
Pay RMB
funds
during the
day
Zero time zone
difference
₨ ₩ ¥ ₨
D
Bank A’s
HK correspondent bank
HKD
USD
EUR
Receive
foreign
currency
Settlement funds on
Systems the same
day
JPY NZD
₩ ¥ ₨ ₣
B USD EUR
₩ € ₨ ₣ ¥
B CAD AUD
Bank B
Wire payment instruction
Bank B’s
HK correspondent bank
20
Y CNY HKD
₩ $ ₨ ₣ ¥
D CAD GBP
₨ ₣ ¥ ₤ €
The choice of
Bank Negara Malaysia
F USD EUR
₨ ₩ ¥ ₨
D
JPY NZD
₩ ¥ ₨ ₣
Y CNY HKD
₩ ¥ ₨ ₣ ¥
D CAD GBP
₨ ₣ ¥ ₤ €
• Malaysia’s central bank has, after careful consideration,
decided to link their Ringgit RENTAS RTGS system with
Hong Kong’s USD settlement system to achieve crossborder PvP settlement for USD/Ringgit FX transactions,
eliminating all FX settlement risk. This linkage will be
launched by end-2006.
F USD EUR
₨ ₩ ¥ ₨
D
JPY NZD
₩ ¥ ₨ ₣
B USD EUR
₩ € ₨ ₣ ¥
B CAD AUD
• HKMA is discussing with other central banks in this
region on a similar arrangement: to link their domestic
currency settlement system with Hong Kong’s USD
settlement system to provide cross-border PvP
settlement and eliminate FX settlement risk
21
Y CNY HKD
₩ $ ₨ ₣ ¥
Development strategies for Mainland
and Hong Kong’s settlement systems
D CAD GBP
₨ ₣ ¥ ₤ €
F USD EUR
₨ ₩ ¥ ₨
D
•
Most ideal to provide cross-border PvP settlement
between Mainland and Hong Kong
•
The model is to develop linkage between
Mainland’s RMB settlement system (CNAPS) and
Hong Kong’s foreign currency settlement systems
to provide cross-border PvP settlement to
eliminate FX settlement risk entirely
JPY NZD
₩ ¥ ₨ ₣
Y CNY HKD
₩ ¥ ₨ ₣ ¥
D CAD GBP
₨ ₣ ¥ ₤ €
F USD EUR
₨ ₩ ¥ ₨
D
JPY NZD
₩ ¥ ₨ ₣
B USD EUR
₩ € ₨ ₣ ¥
B CAD AUD
22
Overview of
Hong Kong’s financial infrastructure
Y CNY HKD
₩ $ ₨ ₣ ¥
D CAD GBP
₨ ₣ ¥ ₤ €
PvP (2006)
F USD EUR
₨ ₩ ¥ ₨
D
JPY NZD
₩ ¥ ₨ ₣
Malaysia’s RENTAS
RTGS system
Guangdong
Province
Mainland China
USD RTGS
system
(2000)
Clearstream
Y CNY HKD
DvP
CCASS
(Equities)
DvP
₩ ¥ ₨ ₣ ¥
Euroclear
D CAD GBP
₨ ₣ ¥ ₤ €
F USD EUR
AustraClear
Central
Moneymarkets
Unit (CMU)
(1990)
DvP
PvP
Euro RTGS
system
(2003)
JPY NZD
₩ ¥ ₨ ₣
B USD EUR
AustraClear
- New Zealand
South Korea
₩ € ₨ ₣ ¥
B CAD AUD
HKD RTGS
system
(1996)
PvP
- Australia
₨ ₩ ¥ ₨
D
Shenzhen
city
Cross-border debt settlement system linkage
RMB
Settlement
system
(2006)
Continuous
Linked Settlement
System (CLS)
DvP: Delivery-versus-Payment
PvP: Payment-versus-Payment
Cross-border payment and settlement system linkage 23
Y CNY HKD
Summary
₩ $ ₨ ₣ ¥
D CAD GBP
₨ ₣ ¥ ₤ €
•
Since the introduction of OTC FX transactions in January 2006 by the
PBoC, HKMA has conducted meetings with Mainland’s FX market makers
and banks: the majority recognise the benefits of same time zone FX
settlement in Hong Kong
•
Among them, HSBC (Shanghai), Standard Chartered Bank (Shanghai),
ABN Amro (Shanghai) and Bank of Communications have been using
Hong Kong’s platform for FX settlement
•
To fully reduce FX settlement risk, other banks, FX market makers and
financial institutions are encouraged to direct their FX settlement to
Hong Kong’s multi-currency platform
•
In the rapidly growing FX market on the Mainland, it is hoped that
Mainland financial institutions can make greater use of Hong Kong’s
foreign currency systems to reduce settlement risk for themselves as well
as their customers
•
Let’s achieve same time zone settlement for RMB FX transactions to
reduce FX settlement risk, and promote financial stability and integrity
F USD EUR
₨ ₩ ¥ ₨
D
JPY NZD
₩ ¥ ₨ ₣
Y CNY HKD
₩ ¥ ₨ ₣ ¥
D CAD GBP
₨ ₣ ¥ ₤ €
F USD EUR
₨ ₩ ¥ ₨
D
JPY NZD
₩ ¥ ₨ ₣
B USD EUR
₩ € ₨ ₣ ¥
B CAD AUD
24
Y CNY HKD
₩ $ ₨ ₣ ¥
D CAD GBP
₨ ₣ ¥ ₤ €
F USD EUR
HKMA Task Force on
Same Time Zone Settlement
₨ ₩ ¥ ₨
D
Monetary Markets and Financial Infrastructure Department
Monetary Markets and Financial Infrastructure Department
JPY NZD
₩ ¥ ₨ ₣
Esmond Lee
Head (Market Systems Development Division)
Senior Manager (Payment Systems)
Market Systems Development Division
Tel: (852) 2878 8198
Fax: (852) 2509 3264
Email: [email protected]
Tel: (852) 2878 8268
Fax: (852) 2878 8725
Email: [email protected]
Y CNY HKD
₩ ¥ ₨ ₣ ¥
D CAD GBP
Haster Tang
₨ ₣ ¥ ₤ €
F USD EUR
Monetary Markets and Financial Infrastructure Department
Monetary Markets and Financial Infrastructure Department
Sylvia Yip
Daniel Leong
Senior Manager (Market Systems)
Market Systems Development Division
Manager (Payment Systems)
Market Systems Development Division
₨ ₩ ¥ ₨
D
JPY NZD
₩ ¥ ₨ ₣
B USD EUR
₩ € ₨ ₣ ¥
B CAD AUD
Tel: (852) 2878 1476
Fax: (852) 2878 8725
Email: [email protected]
Tel: (852) 2878 1309
Fax: (852) 2878 8725
Email: [email protected]
25
Y CNY HKD
₩ $ ₨ ₣ ¥
D CAD GBP
₨ ₣ ¥ ₤ €
F USD EUR
₨ ₩ ¥ ₨
D
JPY NZD
₩ ¥ ₨ ₣
Y CNY HKD
Thank you!
₩ ¥ ₨ ₣ ¥
D CAD GBP
₨ ₣ ¥ ₤ €
F USD EUR
₨ ₩ ¥ ₨
D
JPY NZD
₩ ¥ ₨ ₣
B USD EUR
₩ € ₨ ₣ ¥
B CAD AUD
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