韩国汇市大松绑：7月开启24小时交易，9月放宽离岸限制

Core Viewpoint - South Korea is set to implement a 24-hour foreign exchange trading system and relax offshore trading restrictions as part of its strategy to achieve MSCI developed market status, aiming to enhance market accessibility for global investors and promote the internationalization of the Korean won [1][4]. Group 1: Economic Growth Strategy - The introduction of all-day foreign exchange trading is expected to eliminate the current trading gap caused by the market closure at 2 AM Seoul time, potentially boosting trading volumes [1]. - The government plans to gradually introduce an offshore won settlement system and ease requirements for foreign institutions regarding trading and sales [1][2]. - Achieving developed market status could attract billions of dollars in passive fund inflows, enhancing South Korea's position as a regional financial hub [1]. Group 2: Offshore Settlement System and Liquidity Support - To ensure sufficient market liquidity during extended trading hours, the Ministry of Finance will introduce an offshore won settlement system, allowing foreign investors to trade through intermediary institutions [2]. - Initially, only registered foreign institutions with high market participation will be eligible to act as intermediaries, with plans to gradually expand the participant base [2]. Group 3: Registration and Account Management Simplification - The South Korean government is lowering the entry barriers for foreign institutions, allowing new registered foreign institutions to start trading this month with a three-month exemption from reporting requirements [3]. - A comprehensive account system will be introduced for institutional investors to streamline settlement account management, significantly reducing paperwork and setup time [3]. Group 4: Market Reform and MSCI Upgrade - The recent measures are part of a broader effort to deepen market reforms following the extension of trading hours in July 2024 [4]. - The government emphasizes that these steps are not one-time actions but part of a long-term strategy for the internationalization of the won, with a roadmap for further measures to be released in the first half of this year [4]. - South Korea's aspiration for developed market status dates back to 2008, and the current efforts aim to overcome historical restrictions stemming from past currency crises [4].