Daily FX Turnover in South Korea Falls in Q3 Due to Reduced Market Volatility and Cross-Border Transactions

SEOUL: Banks in South Korea witnessed a decline in daily foreign exchange (FX) trading in the third quarter of this year, according to data released by the central bank on Tuesday.

According to Yonhap News Agency, the daily FX turnover, which includes trading of derivatives, averaged US$64.32 billion in the July-September period. This figure is down compared to $69.37 billion in the previous quarter. The second-quarter turnover was noted as the largest quarterly turnover since data collection began under the current revised statistical standards in 2008. The central bank attributed the decline to reduced volatility in currency markets and a drop in exports and imports. Specifically, the daily average turnover on the spot FX market reached $24.13 billion in the third quarter, a decrease of 15.2 percent from the previous quarter. FX derivatives trading also saw a 1.7 percent decline to $40.19 billion.

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