SEOUL: Foreign exchange (FX) turnover by banks in South Korea hit an all-time high in the second quarter on the back of soaring won-yuan transactions, data showed Tuesday.
The daily FX turnover averaged US$24.85 billion in the April-June period, up 6 percent, or $1.4 billion, from three months earlier, according to the data compiled by the Bank of Korea (BOK).
The second-quarter reading marks the highest level since the central bank began to track the figures in 2007, surpassing the previous record of $23.61 billion posted in the first quarter of 2008.
The daily trading volume of spots reached $12.06 billion over the three-month period, jumping 13.3 percent from the previous quarter, while that of financial products edged up 0.6 percent.
The BOK said a sharp rise in won-yuan transactions contributed to the upbeat pace of the daily FX trading volume, following the launch of a direct exchange market between the two currencies in December last year.
The daily turnover for won-yen transactions shot up 128.9 percent on-quarter, while the daily won-dollar trading volume slipped 3.4 percent on-quarter, according to the data.
