South Korea has taken another important step in advancing the internationalization of its financial markets. The Ministry of Finance announced that starting from July, the foreign exchange market will be open for 24-hour trading all day long, which is one of the key measures for Korea to achieve developed market status.

Speaking of which, the foreign exchange trading restrictions two years ago were indeed somewhat excessive—the USD/KRW market was only open for 6.5 hours a day, and USD trading was locked within two domestic interbank networks. Now that restrictions have been lifted, global investors can enter and exit at any time, which will definitely benefit market liquidity.

The Deputy Minister of Finance of Korea revealed more details: in the first half of the year, they will launch a roadmap for the internationalization of the Korean won, with the core goal of making the won more accessible and more in demand. How exactly will they do this? Developing offshore Korean won financing, simplifying market participation registration processes, relaxing reporting requirements, and promoting cross-border payment settlement—all part of a comprehensive strategy.

Additionally, there is a major focus—progressing steadily according to the MSCI inclusion roadmap. Once successfully included in major global stock indices, Korea’s financial market will see a significant boost in international recognition, which is the ultimate goal of their reform. In simple terms, this move is about opening the door for international investors.