South Korea opens won trading to foreigners in 2027 FX overhaul

South Korea set out its biggest foreign-exchange liberalization in years, laying plans to let foreign investors trade and transfer won through pre-registered overseas firms without opening local won accounts from January 2027. The package, released Sunday by the finance ministry, Bank of Korea and regulators, also exempts most won transfers between foreigners from advance reporting and raises reporting thresholds for some capital transactions. Settlements will run through a new 24-hour Bank of Korea network, with pilot operations due in September. The changes deepen reforms that began with round-the-clock won trading earlier this month and aim to make the currency easier for global investors, reserve managers and pension funds to use.