South Korea’s FX reforms working amid political crisis, dealers say
Martial law presented first test for reforms aimed at boosting deliverable KRW market
Foreign exchange activity in the wake of South Korea’s political crisis indicates recent reforms aimed at bringing more Korean won trading onshore and away from the offshore non-deliverable forward (NDF) market are beginning to have an effect, dealers say.
The Korean won sunk to a succession of historic lows against the US dollar last month amid political turmoil sparked by President Yoon Suk Yeol’s surprise attempt to impose martial law. In late-hours trading on December 3, the gap between US
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