Koo Yun-cheol: "24-Hour Foreign Exchange Market to Boost Appeal of Korean Capital Market and Won"

Koo Yun-cheol, Deputy Prime Minister and Minister of Economy and Finance, emphasized on July 6 that the launch of the 24-hour foreign exchange market serves as a "starting point for the global leap of the Korean won," adding that it will enhance the appeal of the Korean capital market and the currency itself.

According to the Bank of Korea (BOK) and the Ministry of Economy and Finance, Deputy Prime Minister Koo and BOK Deputy Governor Kwon Min-soo visited the foreign exchange dealing room at Hana Bank's headquarters in Jung-gu, Seoul, on the morning of the same day to mark the first day of the 24-hour market operations, where they listened to feedback from market participants and encouraged the staff.

Koo stressed that the 24-hour opening reflects confidence in the fundamentals of the Korean economy, such as the record-high current account surplus, and addresses the high demand from foreign investors for the Korean foreign exchange and capital markets, including the inclusion in the World Government Bond Index (WGBI).

He added that all market participants, including the government, the BOK, banks, securities firms, and brokerage companies, have worked in close cooperation to prepare for the 24-hour operation. He noted that this will provide new opportunities, such as enabling export and import companies to manage foreign exchange risks in real-time and allowing domestic financial institutions to expand their business operations.

BOK Deputy Governor Kwon Min-soo stated, "We expect the 24-hour operation to expand the breadth and depth of our foreign exchange market," and added that the central bank would closely monitor market impacts and trends resulting from the extended hours.

Market participants, including Hana Bank, export companies, and foreign exchange dealers at overseas branches, expressed their intention to actively utilize the new infrastructure to quickly adapt to the changed trading environment and strengthen the global competitiveness of Korean companies.

Deputy Prime Minister Koo stated that following the 24-hour foreign exchange market launch, the government will continue to implement other foreign exchange market reform measures without setbacks, including the operation of the offshore won settlement system scheduled for January next year.

The 24-hour operation system for the domestic foreign exchange market began at 6:00 a.m. today.

The trading hours for the won/dollar exchange rate, which previously ran from 9:00 a.m. to 2:00 a.m. the following day, have been changed to operate without interruption from 6:00 a.m. on Monday to 6:00 a.m. on Saturday.

Trading will also be available on Korean public holidays, excluding weekends and January 1.

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.