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  • Economy

    Weakening won emerges as hurdle to Korea's US investment package

    Korea's weakening currency is emerging as a challenge to the country's planned $350 billion investment package in the United States, analysts said Thursday, as a senior finance ministry official prepares to travel to Washington for talks on foreign exchange market stability. Moon Ji-sung, deputy minister for international affairs at the Ministry of Finance and Economy, will meet senior U.S. Treasury officials in Washington on Friday (local time), according to government sources. Moon's trip is viewed as unusual, as senior officials overseeing foreign exchange policy rarely make separate visits to Washington outside regular consultation channels between the two countries' finance authorities. While the ministry declined to comment on the details of Moon's visit, market watchers expect the discussions to focus on ensuring that exchange rate volatility does not disrupt implementation of Korea's investment commitments in the U.S. The Korean won has remained under pressure in recent weeks, with the won-dollar exchange rate hovering around 1,500-level and trading near its weakest level since 2

    3 MIN READBy Lee Hyo-jin
    Weakening won emerges as hurdle to Korea's US investment package
  • Economy

    InterviewHong Kong's role as Korea-China business bridge grows, Chinese chamber chief says

    3 MIN READBy Lee Yeon-woo
    Hong Kong's role as Korea-China business bridge grows, Chinese chamber chief says
  • Economy

    Seoul shares close higher as AI woes ease amid Middle East uncertainties

    1 MIN READBy Yonhap
    Seoul shares close higher as AI woes ease amid Middle East uncertainties
  • Policy

    Korea's tax agency seeks transformation from tax collector to integrated revenue authority

    3 MIN READBy Jun Ji-hye
    Korea's tax agency seeks transformation from tax collector to integrated revenue authority
  • Economy

    Gov't calls on exporters to address FX volatility

    1 MIN READBy Yonhap
    Gov't calls on exporters to address FX volatility
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Economy

Customs violations by Chinese visitors feared to surge amid visa waiver program

Concerns are mounting over a sharp increase in customs violations by inbound Chinese tourists, amid the government’s push to expand visa waiver program, according to lawmakers Tuesday. They warn that government efforts to promote visa waivers for Chinese nationals to boost domestic tourism come amid concerns that the current customs system remains ill-equipped to handle the rising volume of illegal imports and smuggling, posing a risk to national security and public safety. According to data provided by the Korea Customs Service to Rep. Lee In-seon of the main opposition People Power Party, Chinese nationals committed nearly 72,000 customs violations between 2020 and September this year. Over 17,000 violations occurred in the first nine months of this year. The violations included bringing goods into the country exceeding per-person duty-free limits, and importing banned items such as illegal pharmaceuticals and knives. Attempts to smuggle counterfeit products were also identified. In some cases, they were caught using tourist visas to bring large quantities of goods to sell in Korea. Th

Oct 21, 2025By Lee Kyung-min
Customs violations by Chinese visitors feared to surge amid visa waiver program
APEC 2025

APEC members to unveil Incheon Plan as new finance road map

Member economies of the Asia-Pacific Economic Cooperation (APEC) are dedicated to building a road map for innovative financial and fiscal policies that can provide access and opportunity for all, finance ministers from the member economies said Tuesday. To achieve the goal, the participants are planning to introduce the Incheon Plan, outlining innovations in the 21 member economies' financial structures over the next five years. They discussed the plan during the APEC Finance Ministers’ Meeting, which is running in Incheon from Tuesday through Thursday ahead of next week’s APEC Economic Leaders' Meeting in Gyeongju, North Gyeongsang Province, under the theme “Building a Sustainable Tomorrow: Connect, Innovate, and Prosper.” In line with this theme, the Incheon Plan is based on three core pillars — innovation, finance and fiscal policy — which reflect the overarching goals of the Finance Ministers’ Meeting for sustainable growth. A fourth pillar has also been added: access and opportunity for all. “This year, we are poised to take an important step: adopting the Incheon Pl

Oct 21, 2025By Yi Whan-woo
APEC members to unveil Incheon Plan as new finance road map
Economy

8 out of 10 experts expect BOK to freeze key rate: poll

A majority of Korean bond experts expect the Bank of Korea (BOK) to hold its policy rate steady for a third consecutive time at its rate-setting meeting this week, a survey showed Tuesday. According to the poll conducted by the Korea Financial Investment Association (KOFIA) on 100 fund managers and bond traders, 85 percent said they expected the central bank to keep the country's base rate unchanged at 2.5 percent. The central bank's monetary policy board is scheduled to hold its rate-setting meeting Thursday. KOFIA noted a continued rise in housing prices, particularly in the country's capital of Seoul and its surrounding areas, could pressure the BOK to maintain the country's key interest rate. Meanwhile, the bond market sentiment index (BMSI) for November stood at 111.5, up 12.4 points compared to the BMSI for October, which stood at 99.1. A reading above 100 means that market participants expect bond prices to rise. Bond prices move inversely to yields. Investors' preference for safer assets grew, amid growing uncertainties stemming from U.S.-China trade tensions and concerns over an e

Oct 21, 2025By Yonhap
8 out of 10 experts expect BOK to freeze key rate: poll
Economy

Lee vows to curb speculative demand for property market

President Lee Jae Myung pledged Tuesday to mobilize all available resources to curb speculative demand, days after the government announced measures that tightened mortgages to rein in home prices in Seoul. Lee made the remarks at a Cabinet meeting as the government rolled out new housing measures on Oct. 15, designating all of Seoul and 12 areas in Gyeonggi Province as speculative zones in a bid to curb rising housing prices in the capital region. "We must focus all available policy measures to thoroughly suppress unproductive speculative demand that has triggered warning signs," Lee said, urging government ministries to make all-out efforts to block speculative activities that "distort" the economy. Lee noted that the benchmark Korea Composite Stock Price Index (KOSPI) surpassed the 3,800 mark for the first time Monday, calling it a shift from past investment practices that were focused on investing in unproductive sectors toward a more diversified approach to grow their assets. "For this trend toward productive finance to take deeper root, the society's perception must change through

Oct 21, 2025By Yonhap
Lee vows to curb speculative demand for property market
Economy

Binance urged to compensate GoFi victims after gov't approval of GOPAX takeover

Calls are growing for Binance, the world’s largest crypto exchange, to compensate victims of GoFi, a deposit service of Korean cryptocurrency exchange GOPAX, after a lawmaker raised the issue during a parliamentary committee, market watchers said Tuesday. Rep. Min Byung-dug of the ruling Democratic Party of Korea questioned Financial Services Commission (FSC) Chairman Lee Eog-weon Monday, citing the financial authority’s recent approval of Binance’s move to take over GOPAX. GoFi is an interest-paying product from GOPAX for investors who deposited cryptocurrencies. However, following the 2022 bankruptcy of the FTX crypto exchange, customer funds were frozen. Around 3,000 investors have a combined 150 billion won’s ($106 million) worth of funds frozen. The lawmaker said full compensation to victims was a key condition of the acquisition, but Binance has not yet submitted a plan. “This is a merger not backed by capital,” Min said during a National Policy Committee hearing. Binance had initially sought to enter the Korean market by acquiring GOPAX on the condition of assuming GoFi

Oct 21, 2025By Lee Kyung-min
Binance urged to compensate GoFi victims after gov't approval of GOPAX takeover
Economy

Korea's biggest export promotion fair kicks off ahead of APEC summit

Korea's largest export promotion fair kicked off Tuesday for a three-week run to bring global attention to Korean companies ahead of the Asia-Pacific Economic Cooperation (APEC) summit set to take place here later this month, the industry ministry said. The 2025 Boom-up Korea Week is set to run through Nov. 7, bringing some 1,700 global companies from 70 countries to discuss business opportunities with around 4,000 Korean firms, according to the Ministry of Trade, Industry and Resources. The ministry said it expects more than 10,000 export consultations to take place during this year's event, leading to export deals and memorandums of understanding (MOUs) worth a combined $350 million. The fair will also feature 28 affiliated exhibitions aimed at showcasing technologies of various industries, including electronics, semiconductor, future mobility, shipbuilding and biohealth. "By combining the passion of our entrepreneurs with strong government support, we aim to showcase the brand power of Korean companies to the world and help them use this event as a steppingstone for a global leap beyo

Oct 21, 2025By Yonhap
Korea's biggest export promotion fair kicks off ahead of APEC summit
Banking & Finance

Banks slash hiring despite record earnings amid digital overhaul

Sung Chang-min, an office worker in his 50s, feels anxiety watching his son delay college graduation in pursuit of increasingly scarce banking jobs. “He was supposed to graduate last year, but banks had already cut back on hiring,” Sung said. “Since being unemployed after graduation doesn’t look good on a resume, he decided to put it off for another year, hoping his chances would improve as bank earnings have been rising. But the situation only got worse.” Sung referred to the country’s four largest commercial banks — KB Kookmin, Shinhan, Hana and Woori — which collectively plan to hire just 725 new employees in the second half of 2025. Combined with recruitment from the first half of the year, the four banks plan to recruit only 1,185 people in 2025, down 10 percent from the 1,320 new jobs created in 2024 and 37 percent less than the 1,880 hired in 2023. KB Kookmin Bank has steadily reduced its hiring, from 420 people in 2023 to 290 in 2025. During the same time span, Shinhan Bank recruitment numbers dropped from 500 to 190, Hana Bank from 460 to 320, and Woori Bank from

Oct 21, 2025By Yi Whan-woo
Banks slash hiring despite record earnings amid digital overhaul
Economy

Seoul shares hit fresh record high on hopes for US-China trade deal

Korean stocks closed at a fresh record high for the fourth consecutive session Monday, buoyed by optimism over easing trade tensions between the United States and China. The Korean won was trading higher against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 65.8 points, or 1.76 percent, to close at 3,814.69, following record rallies last week. Trade volume was moderate at 404.82 million shares worth 14.1 trillion won ($9.9 billion). Gainers outnumbered decliners by 595 to 285. Institutional investors were net buyers, purchasing a total of 642.8 billion won worth of shares. In contrast, foreign investors sold a net 250.8 billion won, and individual investors offloaded 408.4 billion won. Investor sentiment was lifted after U.S. President Donald Trump confirmed Friday that he agreed with his Chinese counterpart, Xi Jinping, to restart trade negotiations "as soon as possible," easing market jitters over the prolonged trade dispute between the world's two largest economies. "The KOSPI is riding the broader rebound in Asian markets amid easing U.S.-China trade te

Oct 20, 2025By Yonhap
Seoul shares hit fresh record high on hopes for US-China trade deal
Economy

BOK head vows not to increase liquidity amid soaring home prices

Bank of Korea Gov. Rhee Chang-yong cautioned Monday that increasing liquidity could further fuel the real estate market craze, hinting the central bank will not cut the key interest rate any time soon. His comment came just three days before the central bank’s rate-setting meeting slated for Thursday and amid renewed signs of property overheating began in September. “Housing supply in Seoul will not be able to keep up if population inflows continue into the capital area,” Rhee said during a National Assembly Strategy and Finance Committee audit of the central bank. “Education systems including college admissions must be resolved to curb the population influx into the capital city, a prerequisite for stabilizing Seoul housing prices.” The issue of real estate overheating is too complex to be resolved by a single policy, he said. “Real estate prices are tied to income distribution, population concentration in the Seoul capital area and household debt. Structural changes are necessary, even though there is no silver bullet to satisfy everyone.” Challenges of policy reform will

Oct 20, 2025By Lee Kyung-min
BOK head vows not to increase liquidity amid soaring home prices
Economy

BOK not reviewing currency swap with US Treasury: governor

Korea's central bank has not discussed a currency swap with the U.S. Treasury Department as a breakthrough for the prolonged tariff talks with Washington, Bank of Korea (BOK) Gov. Rhee Chang-yong said Monday. Rhee made the remarks during a parliamentary audit in Seoul, responding to suggestions that a currency swap could help finalize the tariff deal, including how to fund Korea's $350 billion investment commitment. "The BOK has not considered a currency swap with the U.S. Treasury," Rhee said. "It seems there are references to cases like Argentina, but currency swaps between central banks are intended for short-term liquidity purposes, not for long-term purposes." Rhee added that whether a direct swap between the BOK and the U.S. Treasury Department is even legally possible needs to be examined, and any swap with the U.S. Treasury's Exchange Stabilization Fund would require the Korean government to act as the counter party, not the BOK. In July, Korea and the United States reached a framework deal in which Washington would impose a 15 percent tariff on Korean goods, rather than the init

Oct 20, 2025By Yonhap
BOK not reviewing currency swap with US Treasury: governor
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