South Korea's Ministry of Finance said on Sunday that it plans to allow foreign financial institutions to borrow won through temporary overdrafts and allow them to use won denominated bonds as collateral in financial transactions. These measures are part of an incentive policy introduced to encourage the use of the won, which aims to transform the won from a restricted local currency to a more global currency. Since July 6, South Korea has extended the trading hours of the USD/KRW market to a 24-hour trading system, marking the opening of South Korea's long-closed currency.

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