Deputy Prime Minister Koo Yun-cheol (C) poses with Hana Financial Group Chairman Ham Young-joo (2-R) and Hana Bank CEO Lee Ho-sung (R) at Hana Bank’s trading room in Seoul on Monday. Photo by Hana Financial Group
SEOUL, July 6 (UPI) — South Korea’s Ministry of Economy and Finance said Monday that Asia’s fourth-largest economy has officially started around-the-clock trading in its foreign exchange market.
The ministry noted that the 24-hour foreign exchange market began operating at 6 a.m. Monday. Previously, the won-dollar market was open from 9 a.m. to 2 a.m. the following day.
To mark the launch, Deputy Prime Minister Koo Yun-cheol visited Hana Bank’s dealing room in Seoul, where he met with Hana Financial Group Chairman Ham Young-joo. Hana Bank is the country’s leader in the foreign exchange market by trading volume.
Koo described the new system as a landmark reform based on confidence in the strong fundamentals of the South Korean economy, including its record-high current account surplus.
South Korea’s current account surplus topped $100 billion during the first four months of this year, according to the Bank of Korea. The March surplus reached a monthly high of $37.93 billion.
“Allowing investors and international traders to conduct foreign exchange transactions without time constraints would ultimately enhance the attractiveness of our capital market and the Korean won,” Koo said.
Hana Financial Chairman Ham also welcomed the measure.
“With the introduction of the 24-hour foreign exchange market, we expect global investment in won-denominated assets, including government bonds and equities, to become even more active,” Ham said in a statement.
“Leveraging Hana Financial Group’s global network and sales capabilities, we will play a crucial role in advancing South Korea’s foreign exchange market,”
