SEOUL, July 6 — South Korea will continue its efforts to improve foreign investors’ access to the country’s financial market as it launches around-the-clock foreign exchange trading, the finance minister said Monday.
Finance Minister Koo Yun-cheol visited the dealing room of Hana Bank in central Seoul in the morning, as Asia’s No. 4 economy officially kicked off a 24-hour trading system for the Korean won, in line with the government’s efforts to boost the competitiveness of South Korea’s financial market.
Yonhap news agency reported that the market will run without break from 6 am. Monday to 6 am. Saturday, closing down only on weekends and the first day of every year.
It marked a further expansion from the previous system introduced in July 2024, when trading hours were extended to run from 9 am. to 2 am. the following day from the previous 9 am. to 3.30 pm.
“The launch of the 24-hour trading system reflects South Korea’s confidence in its economic fundamentals, including its strong external soundness and record-breaking current account surplus,” Koo said during the visit.
“It is a reform measure reflecting foreign investors’ growing demand for our foreign exchange and capital markets, as demonstrated by South Korea’s inclusion in the World Government Bond Index,” he added.
The finance minister said the opening of the around-the-clock system will also serve as a starting point for the Korean won to take another leap forward, as domestic and foreign investors, as well as trading companies, can trade foreign currencies without being restricted by hours.
Bank of Korea (BOK) Deputy Governor Min Soo Kwon echoed the view, noting the central bank will continue to closely monitor the impact of the new trading system on the market.
The BOK official also expressed the need to continue to implement various policy efforts with the government to realise expectations that the launch will help expand the breadth and depth of the foreign exchange market.
