The dollar-won exchange rate surged above 1,410 as South Korea's KOSPI index plunged over 2%, driven by foreign outflows and US policy concerns, while the government announced major FX market reforms.
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Bank of Korea Deputy Governor Kwon Min-soo affirms there will be no reversal of FX market reforms, highlighting the won's growing role as a diversification currency and noting that concerns over a weaker won and declining reserves have eased amid ongoing U.S. negotiations and market liberalization.
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