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S.Korea's foreign exchange trading grows in Q2

SEOUL
2022-07-12 13:47

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SEOUL, July 12 (Xinhua) -- South Korea's foreign exchange trading grew in the second quarter due to higher demand for both foreign currencies and foreign exchange (FX) derivatives, central bank data showed Tuesday.

The daily average transaction of foreign currencies and foreign exchange derivatives in the local inter-bank market came to 32.07 billion U.S. dollars in the April-June quarter, up 2.55 billion dollars from the prior quarter, according to the Bank of Korea.

It was attributed to stronger demand for FX swap and the U.S. currency, the daily average trading of which advanced by 1.45 billion dollars and 1.32 billion dollars respectively.

Foreign funds worth 3.01 billion dollars flowed out of the local stock market, but 2.23 billion dollars of foreign capital flowed into the domestic bond market.

External uncertainties mounted amid the U.S. Federal Reserve's faster-than-expected interest rate hikes and growing concerns about global economic recessions and surging inflation.

The daily average volatility in the won/dollar exchange rate gained to 0.53 percent in June from 0.45 percent in the previous month.

Premium on credit default swap, which measures credit risk for the five-year government bonds, averaged 48 basis points in June, up from 44 basis points in the prior month.
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