South Korea's Deputy Prime Minister and Minister of Finance and Economy Koo Yun-chul stated on the 6th that the launch of the 24-hour forex market is core infrastructure for achieving advanced-market accessibility and a starting point for the won's global leap. Koo made these remarks during a morning visit to Hana Bank's headquarters forex dealing room in Seoul, where he listened to market participants and encouraged staff. The 24-hour opening reflects confidence in South Korea's economic fundamentals, including robust external soundness and record-level current account surplus, as well as high foreign investor demand following World Government Bond Index inclusion.
Koo Emphasizes Market Appeal and Infrastructure Readiness
Deputy PM Koo stated that unrestricted forex trading for domestic and foreign investors and import-export companies will ultimately increase the appeal of South Korea's capital market and the won. He explained that the 24-hour opening is a forex market reform measure reflecting confidence in the economy's fundamentals and high demand from foreign investors following WGBI inclusion.
Koo noted that the government, Bank of Korea, banks, securities firms, brokerage companies, and import-export companies have cooperated closely to prepare for the 24-hour opening through regulatory and internal rule adjustments, workforce reinforcement, and pilot transactions. He assessed that the new infrastructure will provide new benefits and opportunities to market participants, including real-time currency risk response for import-export companies and business expansion for domestic financial institutions and brokers.
Bank of Korea Deputy Governor Kwon Min-soo, who accompanied the site visit, said the 24-hour opening is expected to expand the breadth and depth of South Korea's forex market. Kwon mentioned that the BOK will continue various policy efforts with the government to materialize these expectations and will closely monitor market impacts and trends following the 24-hour opening.
Market participants including Hana Bank, export companies, and overseas branch forex dealers stated they will actively utilize the new forex market infrastructure to quickly adapt to the changed trading environment and strengthen the global competitiveness of Korean banks and companies.
Seoul Forex Market Begins Nonstop Operations from Monday 6 AM
The Seoul forex market opened at 6 AM on the 6th for the first time in history, starting 24-hour operations. The market now operates nonstop from Monday 6 AM until it closes at Saturday 6 AM.
Government Plans Offshore Won Settlement System as Next Reform Step
Deputy PM Koo stated that forex market stability and system establishment are the most important tasks. He said the government will support 24-hour gap-free monitoring and smooth 24-hour trading, while also promoting other forex market reform measures including an offshore won settlement system that enables 24-hour settlement (fund transfer) without disruption.
FAQ
What did South Korea's Deputy PM Koo announce on the 6th regarding the forex market?
Deputy Prime Minister Koo Yun-chul announced that the 24-hour forex market launch is core infrastructure for achieving advanced-market accessibility and a starting point for the won's global leap. He made this statement during a visit to Hana Bank's forex dealing room on the 6th.
How does the Seoul forex market operate under the new 24-hour system?
The Seoul forex market now operates nonstop from Monday 6 AM until Saturday 6 AM. The market opened at 6 AM on the 6th for the first time in history, marking the start of continuous 24-hour operations.
