Authorities are scared any vulnerabilities will lead to speculative attacks on South Korea’s markets. FMTNews
SEOUL: South Korea is headed into the 2020s with an emerging-market currency, even after casting off most of the other trappings of a developing economy over the past decade.
Yet the Korean won can only be directly exchanged with the dollar and the yuan and trading overseas is limited to the Chinese currency in Shanghai. Their fears have deep roots in the Asian financial crisis of the late 1990s, when Sout Korea’s finances collapsed as global funds pulled huge sums of money out of the country.
Yet change is exactly what South Korea needs, according to advocates of internationalising the won like Lee, the former regulator.Having to exchange won for dollars before swapping into other currencies like the euro and the yen raises costs for South Korean companies and complicates doing business.
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