Daily FX turnover in Korea hits record high in Q3

Daily foreign exchange trading by banks in the Republic of Korea rose 4.6 percent in the third quarter to set a record high on a rise in exports and stock investments, central bank data showed Friday. The daily FX turnover, including trading of derivatives, came to an average of US$70.91 billion in the July-September period, compared with $67.78 billion the previous quarter, according to the data from the Bank of Korea (BOK). According to Yonhap News Agency, the third-quarter daily FX trading marks the largest ever. The increased turnover stemmed from increased transactions related to exports and imports, as well as robust stock trading, according to the central bank. The daily average turnover on the spot FX market reached $26.29 billion in the third quarter, up 6.8 percent from three months earlier. The figure for FX derivatives also rose 3.4 percent to $44.62 billion, the data showed. Source: Emirates News Agency