To boost the Korean won, South Korea plans to expand the scope of foreign bond trading and collateral in Korean won

The Korean Ministry of Finance stated on Sunday that it plans to allow foreign financial institutions to borrow Korean won through temporary overdrafts and permit them to use won-denominated bonds as collateral in financial transactions. These measures are part of incentive policies aimed at encouraging the use of the Korean won, intending to transform it from a restricted local currency into a more global one. Since July 6, South Korea has extended the trading hours of the dollar/won market to a 24-hour trading system, marking the opening of South Korea's long-closed currency. (Jin Shi)