South Korea is preparing to fully open its currency market to round-the-clock trading, President Lee Jae Myung announced at an investor event in New York. The move aims to make the Korean won more accessible to foreign investors and accelerate the country’s push toward achieving developed market status.
Currently, the won trades from 9 a.m. to 2 a.m. local time, extended from its previous close at 3:30 p.m. to overlap with London hours. Lee confirmed that the government plans to remove nearly all remaining trading restrictions, addressing long-standing barriers such as the absence of an offshore won market. This issue has been one of the key reasons Morgan Stanley Capital International (MSCI) continues to classify South Korea as an emerging market.
Lee emphasized that his administration is determined to implement structural reforms to attract international investors and secure MSCI’s upgrade to developed market status. Since taking office, his government has introduced stock market reforms and set up a dedicated task force, driving the KOSPI index to record highs.
The plan includes creating a 24-hour foreign exchange computer network within the Bank of Korea. According to Kim Jae-hwan, director general at the Ministry of Finance, this would allow offshore transactions in the won without requiring parliamentary approval, though regulatory adjustments are needed.
The timing comes amid stalled trade talks with the United States regarding the foreign exchange implications of Seoul’s $350 billion investment package. U.S. officials have reportedly discussed raising the commitment slightly, further heightening investor focus on Korea’s financial market reforms.
Despite these ambitious plans, the Korean won weakened in early Friday trading, slipping to 1,410.8 per dollar, its lowest level since mid-May. This marked the fourth consecutive day of losses, reflecting market caution as policymakers push for deeper integration with global financial systems.
At its core, South Korea’s initiative signals a major shift from decades of conservative currency controls since the Asian Financial Crisis, positioning the nation for greater global market competitiveness.


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