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South Korea’s Ministry of Finance: Korean chip manufacturers and shipbuilding companies are heavily selling USD in the forward market

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Golden Finance reported that on July 14, the Ministry of Finance of South Korea said on Tuesday that as major chip and shipbuilding companies begin selling large amounts of dollars in the forward market, conditions in South Korea’s foreign exchange market are improving. The department said in a statement: “Based on strong fundamentals such as a record trade surplus, we expect the foreign exchange market to see a structural shift in supply-and-demand conditions in the second half of the year.” On Tuesday, the won against the U.S. dollar rose 0.75%, reaching 1,486.30, the highest level since May 12. (Jin Shi)
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