South Korea Says ‘No Going Back’ Once FX Trade Reform Begins
- Nation to extend trading hours for onshore won from July 1
- Economic growth momentum intact in 2Q, senior official says
South Korean 10,000 won banknotes.
Photographer: SeongJoon Cho/BloombergThis article is for subscribers only.
A senior South Korean official underscored the nation’s determination to ensure that its extension of trading hours for the onshore won will be permanent as it pushes for its biggest market reforms in decades in a bid to join a global government bond index.
“There are concerns we may make a U-turn if market volatility grows huge, but that is not possible and we are very determined we will not do so,” Vice Finance Minister Kim Byoung-hwan said in an interview Thursday. “We’ll continue to take measures to assuage market concerns once the extension begins.”