On Tuesday, figures released by the Bank of Korea revealed that daily foreign exchange (FX) trading by banks in South Korea had dropped during the third quarter of the year in comparison to the same period the previous year due to a decrease in volatility and cross-border transactions.
The average daily FX turnover, including derivatives, came to $64.32 billion in the July-September period, down from $69.37 billion in the second quarter, which was the highest quarterly turnover since the current revised statistical standards were implemented in 2008.
The central bank explained that the reduction was caused by a decrease in currency market volatility, as well as a drop in exports and imports.
The daily average turnover on the spot FX market for the third quarter was $24.13 billion, a decrease of 15.2 percent from the previous quarter. The figure for FX derivatives also fell 1.7 percent to $40.19 billion.
sam@yna.co.kr
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