South Korean foreign exchange authorities are discussing whether to use the country’s foreign exchange stabilization fund to buy U.S. dollars raised through an American depositary receipt, or ADR, issuance by SK Hynix, according to The Korea Economic Daily, which cited investment banking sources. The reported plan is aimed at limiting potential sharp swings in the U.S. dollar-to-won exchange rate. The item was cited by BlockBeats on July 16. No further details were disclosed in the brief report, including the size of the potential purchase or the timing of any decision. The report focused on the policy discussion itself and its stated purpose of smoothing possible volatility in the foreign exchange market.
South Korean foreign exchange authorities are discussing a plan to use the country’s foreign exchange stabilization fund to buy U.S. dollars raised by SK Hynix through an American depositary receipt, or ADR, issuance, according to The Korea Economic Daily, which cited investment banking sources.
The reported move is intended to curb potential sharp fluctuations in the USD/KRW exchange rate, according to the report cited by BlockBeats on July 16.
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