South Korea officially began 24-hour trading of its won on July 6 at 6 a.m. Seoul time, marking a key step in modernizing its foreign exchange market [1, 2, 3]. The launch event took place in Hana Bank’s newly renovated trading room, attended by Finance Minister Koo Yun-cheol alongside traders and officials [1, 2, 3].
During the launch, a US$10 million dollar-won selling order was conducted involving a Samsung Electronics official connection, demonstrating early market engagement and liquidity [1, 2, 3]. The won traded at around 1,533 per US dollar at the start of extended trading, a rate near the currency’s weakest level since 2009 reached just the prior week [1, 2, 3].
Finance Minister Koo Yun-cheol said the launch "is the starting point for the won’s global leap," highlighting the government's vision for the currency’s increased international role [1, 4]. The shift to 24-hour trading aims to improve accessibility and convenience to match advanced foreign exchange markets worldwide [1, 4, 2, 3].
This change represents the most significant easing of South Korea's currency controls since reforms following the 1997 Asian financial crisis, reflecting the country’s growing emphasis on overseas investment and ambitions to be upgraded to MSCI's developed-market index [1, 4, 2, 3].
The government will closely monitor market operations to ensure smooth 24-hour trading and plans to continue reforms to the foreign exchange market [1, 2, 3]. A key test ahead is whether liquidity can be sustained overnight during London and New York trading hours [1, 2, 3].
The won’s full-round-the-clock trading began with strong market participation and sets a precedent for a more globally integrated South Korean currency market.
