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 […]
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South Korea starts 24-hour trading of dollar-won
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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)