South Korea starts 24-hour trading of dollar-won


SEOUL, July 6 (Reuters) – South Korea launched its ‌historic 24-hour onshore spot ‌dollar-won trading system on Monday ​as part of efforts to broaden currency convertibility as it aims to ‌win an ⁠upgrade to developed market status on the ⁠MSCI global index.

The onshore market opened at ​6 a.m. ​on ​Monday (21:00 GMT Sunday) ‌and will run uninterrupted until 06:00 a.m. on Saturday.

This is going to be the “starting point for ‌the won’s global ​leap,” Finance ​Minister ​Koo Yun-cheol said during ‌his visit to ​the ​foreign exchange dealing room of Hana Bank in ​Seoul, ‌according to the ministry.

(Reporting ​by Cynthia KimEditing by ​Shri Navaratnam)



Source link

  • Related Posts

    Why Europe needs Eurobonds

    The 2024 reform of the EU fiscal framework makes fiscal adjustment more country-specific and less procyclical. However, it does not eliminate two fundamental tail risks: following a large recession, too…

    Canadian business leaders brace for lost deals after trade talks crumble, 50% U.S. tariffs take effect

    Canadian businesses and industry leaders are bracing for the full effects of fresh 50 per cent U.S. tariffs, crossing their fingers that domestic support will come quickly. Prime Minister Mark…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Tom Hanks in Talks for ‘Theo of Golden’

    Tom Hanks in Talks for ‘Theo of Golden’

    U.S. Navy sailor on USS Lincoln says dad was arrested by immigration officials

    U.S. Navy sailor on USS Lincoln says dad was arrested by immigration officials

    Why Europe needs Eurobonds

    Who’s behind the new ‘stealth model’ Ox Alpha?

    Who’s behind the new ‘stealth model’ Ox Alpha?

    The Sunday Papers | Rock Paper Shotgun

    The Sunday Papers | Rock Paper Shotgun

    Deal undone. Now what? – iPolitics

    Deal undone. Now what? – iPolitics