S. Korea Posts Increase in Q3 Foreign Exchange Trading
(MENAFN) South Korea experienced a notable rise in foreign exchange trading during the third quarter, driven by heightened demand for the U.S. dollar and Chinese yuan, according to central bank data released Wednesday.
The Bank of Korea (BOK) reported that the average daily turnover of foreign currencies and derivatives in the domestic interbank market reached $41.84 billion in July-September, marking an increase of $1.34 billion from the previous quarter.
This uptick was primarily fueled by robust demand for the U.S. dollar and Chinese yuan, with daily average trading volumes climbing by $0.72 billion and $1.44 billion respectively over the quarter.
Conversely, activity in FX swaps declined by $0.48 billion compared to the prior quarter, falling to $18.22 billion in Q3. Similarly, transactions involving other derivatives—including currency swaps and options—decreased by $0.22 billion, settling at $2.53 billion.
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