韩元暴涨！汇率保卫战全面升级

Core Viewpoint - The South Korean authorities have expressed a strong commitment to stabilize the won, which has recently depreciated significantly, indicating that the current weakness of the currency is not favorable for the economy [1][5]. Group 1: Government Actions - The South Korean government plans to introduce new tax incentives for repatriating investment accounts to encourage overseas capital to return to the domestic market [4]. - Individual investors will receive a temporary tax exemption on capital gains from selling overseas stocks if they convert the proceeds into won and invest in domestic stocks within one year [4]. - The government will support major brokerages in launching forward sales products for individual investors to enhance foreign exchange risk management tools [4]. - To alleviate double taxation on dividends received by domestic companies from overseas subsidiaries, the government will increase the dividend income exclusion rate from 95% to 100% [4]. Group 2: Market Conditions - The exchange rate of the won has recently approached the psychological level of 1500 won per dollar, a threshold only breached during the 2008 global financial crisis and the 1997 Asian financial crisis [5]. - Despite various defensive measures taken by the authorities, the won continues to face downward pressure, having depreciated over 7% since the end of June [7]. - Concerns over foreign capital outflows, local investors' overseas investments, and increased investments in the U.S. are contributing to the selling pressure on the won [7]. - The South Korean authorities are determined to cap the dollar-won exchange rate by the end of the year, with expectations that the won will likely remain between 1470 and 1480 won per dollar in the short term [7]. Group 3: Institutional Responses - The National Pension Service of Korea has begun selling dollars to support the won's exchange rate [6]. - Korean brokerages have decided to suspend new marketing activities for overseas stocks amid the current market conditions [6].