South Korea FX steps to boost global status, business for firms - vice fin min

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SEOUL : South Korea's plans to loosen restrictions in its currency market will raise the won's global status and, as a result, boost business opportunities for local financial firms, a vice finance minister told Reuters on Thursday.Vice Minister Bang Ki-sun said the government was working on follow-up mea

SEOUL : South Korea's plans to loosen restrictions in its currency market will raise the won's global status and, as a result, boost business opportunities for local financial firms, a vice finance minister told Reuters on Thursday.

"We are not fully allowing the won to be freely traded outside the country but just make it more convertible," Bang told Reuters in an interview, adding the government would still maintain its oversight over the financial institutions trading the won. The new measures call for more than doubling the trading hours on the won until past midnight local time and allowing qualified global financial firms to directly trade the currency through two onshore spot brokerage houses.

 

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