SEOUL, Feb 9 (Reuters) – South Korea’s plans to loosen restrictions in its currency market will raise the won’s status globally and boost business opportunities for local financial firms, a vice finance minister told Reuters on Thursday. The new measures, unveiled earlier this week, call for more than doubling the trading hours for the won until past midnight local time and allowing qualified global financial firms to directly trade the currency through two onshore spot brokerage houses. Vice Minister Bang Ki-sun said the government was working on follow-up measures with the aim of implementing the plans in July next year, while dismissing concerns the moves could make the won more volatile. "We are not fully allowing the won to be freely traded outside the country but just make it more convertible," Bang told Reuters in an interview, adding the government would still maintain its oversight over the financial institutions trading the won. South Korea has grown to one of the world’s top 10 economies in just a few decades but has kept a tight grip on its currency market, mainly out of the trauma from its near sovereign default in the late 1990s during the Asia financial crisis. South […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
