On July 6, the first day of the launch of the 24-hour foreign exchange (FX) market, Deputy Prime Minister and Minister of Finance and Economy Koo Yun Cheol visited the FX dealing room at Hana Bank headquarters in Seoul at 7:30 a.m., during the newly extended trading hours, to hear the views of market participants, including domestic banks, overseas branches, and exporting companies, on the launch of the 24-hour FX market and to encourage dealing room staff.
Deputy Prime Minister Koo emphasized that the launch of the 24-hour FX market is a reform measure that reflects confidence in the sound fundamentals of the Korean economy, including its robust external soundness and record-high current account surplus, as well as strong demand from foreign investors for Korea’s FX and capital markets, as evidenced by its inclusion in the World Government Bond Index (WGBI).
He further noted that the launch of the 24-hour FX market goes beyond simply extending trading hours and serves as a key piece of market infrastructure for bringing the accessibility and convenience of Korea’s FX market in line with those of advanced markets. He described it as “the starting point for the Korean won’s greater global role.” He also stressed that enabling domestic and international investors, as well as importers and exporters, to conduct FX transactions at any time would ultimately enhance the attractiveness of Korea’s capital market and the Korean won.
Deputy Prime Minister Koo also commended the close cooperation among all market participants – including the government, the Bank of Korea, banks, securities firms, brokerage companies, and importers and exporters – in preparing for the launch of the 24-hour market through revisions to relevant laws and regulations, internal rules and business practices, workforce expansion, and pilot trading. He noted that the 24-hour market would provide new benefits and opportunities for market participants by helping importers and exporters manage FX risks in real time and allowing domestic financial institutions and brokerage firms to expand their business operations.
Deputy Governor of the Bank of Korea Kwon Min Soo said he expects the launch of 24-hour trading to broaden and deepen Korea’s FX market, highlighting the need for the Bank of Korea and the government to continue their policy efforts to help realize these expectations. He also noted that they would closely monitor developments in the market following the launch of 24-hour trading and assess its impact.
Participants, including representatives from Hana Bank, exporting companies, and FX dealers from overseas branches, expressed their support for the launch of 24-hour trading, recognizing its objective of better meeting market demand. They added that they would actively leverage the new FX market infrastructure, including 24-hour trading, to quickly adapt to the evolving trading environment and strengthen the global competitiveness of Korean banks and businesses.
Last but not least, Deputy Prime Minister Koo underlined that maintaining the stability of the FX market and ensuring the successful implementation of the new trading framework are the government’s top priorities. He added that the government would provide round-the-clock market monitoring and support the smooth operation of 24-hour trading, while continuing to implement other FX market reform measures without disruption, including the offshore won settlement system, which will enable 24-hour settlement (fund transfers) upon its planned full launch in January 2027.
Please refer to the attached files.
