ROK launches round-the-clock foreign exchange trading system

The Republic of Korea (ROK) on Monday officially rolled out its 24-hour foreign exchange trading system as part of efforts to transform the won into a "fully convertible" currency.

The won-dollar trading window opens at 06:00 Monday and will run nonstop throughout the week until 06:00 Saturday.

Previously, the won was available for trading just 17 hours a day, from 09:00 on weekdays to 02:00 the following morning. With the launch of the round-the-clock foreign exchange market, the won will transition from a restricted convertible currency to a fully convertible one, according to Huh Chang, vice minister of Finance and Economy.

Analysts describe the overhaul as the country's most significant relaxation of foreign exchange controls in decades, a key step in its broader bid to secure developed-market status on the widely recognized MSCI World Index.

ROK launches round-the-clock foreign exchange trading system

China's central bank on Monday started conducting an outright reverse repo operation of 1-trillion-yuan (about 146.96 billion U.S. dollars) to maintain ample liquidity in the banking system.

With a fixed quantity, the operation will be carried out through interest-rate bidding, with winning bids determined at various price levels. It will have a tenor of three months, or 91 days, with a maturity date of Oct. 5, according to the central bank.

Outright reverse repo operations -- a tool the central bank introduced in Oct 2024 to manage liquidity in the national banking system -- are conducted each month with a tenor of no more than one year.

These operations have enriched the country's monetary policy toolkit, complementing previous measures such as temporary repos, temporary reverse repos, and the purchase and sale of treasury bonds.

China's central bank conducts 1-trln-yuan outright reverse repo operation