SEOUL — South Korea took a significant step in global finance on Monday, rolling out a round-the-clock onshore spot trading system for the dollar-won currency pair in what officials are calling a historic development for the country’s financial markets.
The domestic trading market came online at 6 a.m. Monday local time — 21:00 GMT on Sunday — and is set to operate continuously through 6 a.m. Saturday without interruption.
The initiative is part of South Korea’s broader strategy to expand the convertibility of its currency and position itself for an upgrade to developed market status on the MSCI global index, one of the most closely watched benchmarks in international investing.
Finance Minister Koo Yun-cheol marked the occasion with a visit to the foreign exchange dealing room at Hana Bank in Seoul. According to the ministry, he described the launch as the “starting point for the won’s global leap.”
