Korean Pension Service Begins Selling Dollars to Support Won
- National Pension Service could sell as much as $50 billion
- Sales start after won weakens past NPS internal trigger level
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South Korea’s National Pension Service has begun strategic currency hedging and is selling dollars into the market, according to people familiar with the matter, which could result in purchases of up to about $50 billion in local currency.
The first dollar sales, worth hundreds of millions of dollars, were observed in the forward market on Monday afternoon Seoul time, the people said, asking not to be named because they weren’t authorized to speak publicly on the transactions.