South Korea will allow offshore companies to apply for the right to trade in the local currency market from next month, taking another step forward in its effort for won securities to be included in major indexes.
The government of President Yoon Suk Yeol approved the decision at a cabinet meeting this week, with the change to foreign exchange regulations taking effect on Oct. 18, according to statements released from the Finance Ministry.
Korea has been rethinking its onshore trading restrictions and is seeking to reduce them in a bid for won-denominated assets to become part of developed-market indexes and lure more foreign funds into the local economy.
Read the full story on Bloomberg here.