South Korea has initiated a landmark onshore trading system for the US dollar and Korean won spot exchange, operating around the clock. This move is part of the nation's efforts to improve the convertibility of its currency, with the goal of achieving developed market status within the MSCI global indices.

The onshore market commenced trading at 6 a.m. local time on Monday and is scheduled to run continuously until 6 a.m. on Saturday.

According to a statement from the Ministry of Economy and Finance, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, during a visit to Hana Bank's foreign exchange trading division in Seoul, stated that this development marks "the starting point for the Korean won to go global."