South Korea has officially launched 24-hour onshore spot trading for the dollar-won currency pair, marking a significant step in its efforts to improve the won’s global accessibility and strengthen its case for an upgrade to developed market status in the MSCI global index.
The new trading regime came into effect on Monday, with the onshore foreign exchange market now operating continuously from 6am on Monday until 6am on Saturday.
The extended trading hours are aimed at enhancing the convertibility of the won and making it more accessible to global investors by aligning trading activity with international markets.
Finance Minister Koo Yun-cheol described the launch as a milestone for the country’s currency ambitions.
“This is going to be the ‘starting point for the won’s global leap’,” Koo said during a visit to the foreign exchange dealing room at Hana Bank in Seoul, according to the finance ministry.
South Korea has been pursuing reforms to modernise its foreign exchange market as part of a broader strategy to secure developed market classification by MSCI, a move widely seen as capable of attracting greater foreign investment into the country’s financial markets.
The launch of round-the-clock dollar-won trading is one of the key measures introduced to make the country’s financial markets more accessible and competitive on the global stage.
