South Korea Opens 24-Hour Won Trading After 29 Years of Currency Controls

South Korea's onshore dollar-won market began round-the-clock trading on July 6, 2026, ending restrictions imposed after the 1997 Asian financial crisis. The move targets MSCI's Developed Market upgrade criteria, which require accessible currency markets. Officials monitor price action from a real-time tracking room. The won stabilized on day one but faces depreciation risk—it hit a 17-year low in the first half of 2026, and offshore traders could now amplify moves through overnight sessions.