Scarred by ‘97 Crash, Korea Nervously Opens 24-Hour Won Trading - Bloomberg.com
Scarred by ‘97 Crash, Korea Nervously Opens 24-Hour Won Trading Bloomberg.com
Amidst global geopolitical uncertainties and a desire to reduce reliance on the US dollar, Korea is taking steps to enhance its currency's international standing.
This move signals a growing trend of nations seeking greater financial autonomy and currency internationalization, potentially influencing global capital flows and foreign exchange market structures.
The Korean Won now has 24-hour trading, increasing its accessibility and liquidity for international investors and potentially reducing the US dollar's dominance in certain transactions.
- · South Korea
- · International investors
- · Korean financial institutions
- · US dollar (marginal)
- · Less accessible currencies
Increased trading volume and volatility for the Korean Won.
Other nations may follow suit, accelerating de-dollarization efforts in emerging markets.
A fragmentation of global currency markets and a multi-polar system of reserve currencies over the long term.
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Read at Bloomberg — Technology (Google News)