The value of the Korean currency, known as the ‘won’ came close to a six-month high as the Chinese currency, the yuan was allowed to appreciate in value in preparation for the Group of 20 nations financial summit which is scheduled to take place soon. The China currency has also been climbing, reaching the strongest level since 1993. The G20 meeting is a two day summit starting soon, in Seoul. The Bank of Korea announce that the value of the dollar may continue to fall if the battle over currency between China and the U.S. is not soon resolved, before the G20 meeting.
Ha Joon Woo said that a stronger currency in Chana can cause other Asian currencies to get stronger as compared to the dollar. Ha Joon Woo is a trader in foreign-exchange at the Daegu Bank in Seoul, Korea. He continued to say that this event will also make it much simpler tor the Korean central bank to permit the won to appreciate.