South Korea Officially Launches 24-Hour Trading Mechanism for KRW Spot Foreign Exchange Market

According to Odaily, South Korea officially launched a 24-hour trading mechanism for the domestic onshore spot USD/KRW market on Monday, aiming to enhance the convertibility of the Korean won and pursue developed market status in the MSCI global index. Under the new mechanism, the domestic onshore spot foreign exchange market will open at 6:00 AM every Monday and trade continuously until 6:00 AM on Saturday, achieving 120 consecutive hours of trading per week. South Korean Finance Minister Choi Sang-mok stated that this move will serve as "an important starting point for the globalization of the Korean won." (Reuters)