TechFlow news, July 19, South Korea's Ministry of Finance stated on Sunday that it plans to allow foreign financial institutions to borrow Korean won through temporary overdrafts, and allow them to use won-denominated bonds as collateral in financial transactions. These measures are part of incentive policies launched to encourage the use of the won, aiming to transform the won from a restricted local currency into a more global currency. Since July 6, South Korea has extended the trading hours of the USD/KRW market to a 24-hour trading system, marking that South Korea's long-closed currency is moving towards openness. (Jin10)
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