South Korea’s central bank said Tuesday that it plans to open an office in Shanghai later this year in a bid to better monitor the Chinese markets and brace for the financial market opening there.

The Bank of Korea said it plans to dispatch two employees on Wednesday to an envisioned office in Shanghai in an effort to monitor the Chinese financial markets and to expand cooperation and information sharing with related institutions.

The Shanghai office is set to be launched in late October or early November, it added. Currently, the BOK has offices in Beijing and Hong Kong.

The BOK said the move will help it get better access to Chinese market information on a real-time basis in a bid to prepare for the potential acceptance of the status for qualified foreign institutional investors. 

(Yonhap News)