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Finance

Shin Hyun-song, Bank of Korea governor, pushes digital currency and won internationalisation, sets four tasks

Shin Hyun-song (신현송), the new governor of the Bank of Korea, set out four core tasks in his inaugural address on Monday: price and financial stability, internationalisation of the won, responding to digital currency and contributing to structural reform. He cited uncertainty from supply shocks linked to the Middle East war and shifts in financial conditions, and said he would pursue cautious and flexible monetary policy while strengthening early-warning tools and expanding analysis beyond traditional financial indicators.

Crypto

IMF warns tokenised finance could trigger crises faster than central banks can respond

The International Monetary Fund has warned that tokenised finance, while promising lower costs and faster settlement, could trigger financial crises at a pace that makes it hard for central banks to respond. In a report by IMF financial counsellor Tobias Adrian, the IMF described tokenisation as a structural shift in financial architecture. The report flags risks from removing settlement buffers, vulnerability of stablecoins and limited growth in tokenised lending.

Finance

Won nears 1,490 per dollar this month, fourth-highest on record; biggest drop among major currencies

South Korea’s average won-dollar exchange rate rose to near 1,490 this month, the fourth-highest on a monthly basis, as foreigners sold a record amount of KOSPI shares. The won has posted the biggest decline against the dollar among major currencies this month. Analysts cited risk aversion linked to the Middle East war, valuation concerns in AI and semiconductors, and worries over Korea’s energy import dependence and export mix.