Explore stories from Atlantic Canada.
Watch onSEOUL - As South Korea seeks to boost the global profile of its financial markets, the export powerhouse is struggling to loosen the tight currency restrictions that have for years been a major pain point for investors and traders in the country.
"Having FX markets open almost all day around the clock will certainly help us to better plan currency conversions, and get a better deal," said Bongju Kang, chief financial manager at a small plastic materials exporter."Currently we negotiate the exchange rate with a local banker the moment we see a good quote, or sometimes hours in advance, especially when the size of the deal is big.
"We need to monitor the market in times of volatility as liquidity isn't always that ample in the onshore market," a Bank of Korea official said. That meant higher costs for companies, as they must rely on derivatives contracts known as non-deliverable forwards to manage exposure to the won outside the 0900 to 1530 onshore trading window.
However, growing political appetite for reform has yet to translate into change that will meaningfully boost won trade, analysts and market participants say. "There is no reason why the won cannot overtake the British pound if the forex rules are relaxed enough to give the market a chance to catch up with global exporters we have today," said Kim Hee-jin, head of trading at Shinhan Bank.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Canada's Homan to meet South Korea's Gim in world women's curling semifinalSYDNEY, N.S. — Canada's Rachel Homan will have a rematch against South Korea's Eunji Gim in semifinal play Saturday at the world women's curling championship.
Read more »
Canada's Homan to meet South Korea's Gim in world women's curling semifinalSYDNEY, N.S. — Canada's Rachel Homan will have a rematch against South Korea's Eunji Gim in semifinal play Saturday at the world women's curling championship.
Read more »
Canada's Homan to meet South Korea's Gim in world women's curling semifinalSYDNEY, N.S. — Canada's Rachel Homan will have a rematch against South Korea's Eunji Gim in semifinal play Saturday at the world women's curling championship.
Read more »
Canada's Homan to meet South Korea's Gim in world women's curling semifinalCanada skip Rachel Homan delivers a shot during her 8-2 victory over Scotland on Friday at the women's curling world championship in Sydney, N.S.
Read more »
Canada's Homan beats South Korea's Gim to reach final at world curling championshipSYDNEY, N.S. — Canada's Rachel Homan scored three points in the 10th end for a 9-7 semifinal victory over South Korea's Eunji Gim on Saturday at the world women's curling championship.
Read more »
Canada's Homan beats South Korea's Gim to reach final at world curling championshipSYDNEY, N.S. — Canada's Rachel Homan scored three points in the 10th end for a 9-7 semifinal victory over South Korea's Eunji Gim on Saturday at the world women's curling championship.
Read more »