Daily FX turnover hits new high in Q3: BOK
A clerk checks U.S. dollar and Japanese yen notes at a center of Hana Bank in Seoul, Oct. 19. Yonhap
Daily foreign exchange (FX) trading by banks in Korea rose slightly to reach a new high in the third quarter on strong trade-related transactions, central bank data showed Friday.
Average daily FX turnover, including derivatives trading, came to an average of $122.01 billion during the July-September period, up $570 million, or 0.5 percent, from the second quarter, according to the data from the Bank of Korea (BOK).
The quarterly figure has been renewing records for the third consecutive quarter since the first quarter of this year.
The BOK said the on-quarter increase slowed as a sharp increase in FX trading by robust exports was partly offset by a decrease in offshore investors' stock transactions amid a correction in the stock market.
Exports and imports rose to a combined $173.9 billion in the third quarter from $154.7 billion three months earlier, while foreigners traded 1,154 trillion won ($862.8 billion) worth of equities per month in July and August, down from a monthly average of 1,285 trillion won in the second quarter.
Average daily spot FX turnover fell 6.2 percent on-quarter to $50.74 billion in the third quarter, while derivatives trading rose 5.9 percent to $71.26 billion.