South Korea Plans 24-Hour FX Trading in Bid for Developed-Market Status

South Korea is set to launch round-the-clock foreign exchange trading in July, marking a significant shift for a nation that has maintained strict currency controls since the Asian Financial Crisis. The MOVE comes as Seoul seeks to address one of the key obstacles preventing its promotion to developed-market status by index provider MSCI.

Vice Finance Minister Lee Hyoung-il outlined plans for won internationalization, including offshore won financing and reduced paperwork. "We will prepare in the first half a roadmap for the internationalisation of the won aimed at dramatically improving the won's accessibility," Lee said at a press conference announcing economic policies for the coming six months.

The reforms build on previous liberalization measures, including a 2022 decision allowing foreign companies to trade the won overseas. Prior to that change, dollar-won trading was limited to 6.5 hours daily through just two domestic banking networks.