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SNOTOSEOUL
Joined: 12 Apr 2010
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StuffYouShould
Joined: 18 Jan 2013
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scott1985
Joined: 19 Feb 2011
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 Posted: Wed Jan 30, 2013 5:06 pm Post subject: |
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| I've been in Korea about 11 months and the won has increased in value against the British Pound. Whenever there is an election or North Korea makes threats the WON dips slightily, but normally recovers. |
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World Traveler
Joined: 29 May 2009
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| Posted: Wed Jan 30, 2013 5:07 pm Post subject: |
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| North Korea is going to do a nuclear test soon. (Maybe February 16th for Kim Jeong Il's birthday). This could really hurt the won. Remember when the Cheonan was sunk? The won went to 1,000 = 0.79USD. |
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newb
Joined: 27 Aug 2012
Location: Korea
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| Posted: Wed Jan 30, 2013 5:28 pm Post subject: |
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I heard it on the new last night that K-gov't is considering slapping on some tax for foreign currency exchange. It means that banks are going to charge taxes to those who exchange KRW to USD or other foreign currencies.
I suspect that they're considering it to protect their foreign currency reserve as they expect another round of Won devaluation perhaps similar to 1998. |
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SNOTOSEOUL
Joined: 12 Apr 2010
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| Posted: Wed Jan 30, 2013 5:34 pm Post subject: |
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| StuffYouShould wrote: |
http://www.bbc.co.uk/news/business-21177329
quite the opposite..... |
No, not the opposite at all. That is the profits of a company over last year, not the current value of the won this month. |
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SNOTOSEOUL
Joined: 12 Apr 2010
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| Posted: Wed Jan 30, 2013 5:37 pm Post subject: |
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| scott1985 wrote: |
| I've been in Korea about 11 months and the won has increased in value against the British Pound. Whenever there is an election or North Korea makes threats the WON dips slightily, but normally recovers. |
The Won had a "slight" dip when the island was bombed (1000+0.83usd) and it was only recently in late 2012 that things started looking good again. The recovery took a while. |
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Zyzyfer
Joined: 29 Jan 2003
Location: who, what, where, when, why, how?
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| Posted: Wed Jan 30, 2013 10:28 pm Post subject: |
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| I figured it was a reaction to the BOJ trying to weaken the yen. |
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hogwonguy1979
Joined: 22 Dec 2003
Location: the racoon den
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| Posted: Wed Jan 30, 2013 10:43 pm Post subject: |
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wtf are you all getting upset about? Its 1090 to the dollar, in reality thats damm good
4 years ago it was 1500-1600
the days of it being 800-900/dollar are long gone and aren't coming back |
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fezmond
Joined: 27 Oct 2008
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| Posted: Thu Jan 31, 2013 8:41 am Post subject: |
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| Best I've ever seen it against the pound in 4 years (as far as I remember) |
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NohopeSeriously
Joined: 17 Jan 2011
Location: The Christian Right-Wing Educational Republic of Korea
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| Posted: Thu Jan 31, 2013 9:52 am Post subject: |
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| We need a higher won to eventually sort out issues in the domestic labor markets. |
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young_clinton
Joined: 09 Sep 2009
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| Posted: Thu Jan 31, 2013 9:54 am Post subject: |
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| hogwonguy1979 wrote: |
wtf are you all getting upset about? Its 1090 to the dollar, in reality thats damm good
4 years ago it was 1500-1600
the days of it being 800-900/dollar are long gone and aren't coming back |
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Kimchifart
Joined: 15 Sep 2010
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| Posted: Thu Jan 31, 2013 11:55 am Post subject: |
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| hogwonguy1979 wrote: |
wtf are you all getting upset about? Its 1090 to the dollar, in reality thats damm good
4 years ago it was 1500-1600
the days of it being 800-900/dollar are long gone and aren't coming back |
Heady days, it was getting to a point I think in '09 where I was thinking of bailing because of the lack of money due to the X-rate. |
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bobbyhanlon
Joined: 09 Nov 2003
Location: 서울
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| Posted: Thu Jan 31, 2013 11:51 pm Post subject: |
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| zyzyfer is right. this is nothing to do with north korea. it's a reaction to japan's currency move. because the govt and bank of korea always protect exporters, they're trying to push the won down to stop sony being cheaper than samsung and toyota being cheaper than hyundai. the finance minister talked the won down the other day, and probably the bank of korea is engaged in selling the won too, though they won't publicly state that |
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Zyzyfer
Joined: 29 Jan 2003
Location: who, what, where, when, why, how?
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| Posted: Fri Feb 01, 2013 12:31 am Post subject: |
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| bobbyhanlon wrote: |
| zyzyfer is right. this is nothing to do with north korea. it's a reaction to japan's currency move. because the govt and bank of korea always protect exporters, they're trying to push the won down to stop sony being cheaper than samsung and toyota being cheaper than hyundai. the finance minister talked the won down the other day, and probably the bank of korea is engaged in selling the won too, though they won't publicly state that |
Well there was this article but maybe you just meant BoK won't publicly state won manipulation in which case fair enough.
But I saw this article on Monday and also saw the won nosedive from right around 1050 last Friday to 1090 early Monday morning. Freaky.
C'mon China, get your paws in the game! |
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