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S. Korean banks' FX trade volume hits 3-yr high in Q3

11-24-2011 15:01 BJT

SEOUL, Nov. 24 (Xinhua) -- South Korean banks' foreign exchange trading volume hit a 3-year high in the third quarter as transactions in currency forwards grew amid the global financial turmoil, the central bank said Thursday.

The daily average foreign exchange turnover for banks amounted to 48.9 billion U.S. dollars during the July-September period, up 2 percent from three month earlier, according to the Bank of Korea (BOK). The third-quarter figure was the largest since 50.6 billion dollars tallied in the third quarter of 2008.

The daily turnover of foreign exchange products such as forwards, swaps and options expanded 4 percent on-quarter to 28.9 billion dollars in the three months ended Sept. 30. The expansion came as transactions of non-deliverable forwards (NDF) by offshore traders grew sharply amid rising expectation for the South Korean won's depreciation against the dollar caused by the global financial meltdown.

Meanwhile, the trading volume of spots reached 20 billion dollars in the third quarter, unchanged from the previous quarter.

Local banks posted 22.8 billion dollars in the daily foreign exchange turnover during the third quarter, while the trading volume for foreign banks' Seoul branches reaching 26.1 billion dollars.

Editor:Wang Xiaomei |Source: Xinhua

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