South Korean banks’ FX turnover rises to series high in Q2 2026
South Korean foreign-exchange banks reported daily-average turnover of 1,214.4 in USD 100 million units in Q2 2026. Activity exceeded every quarter in the Bank of Korea history from Q1 2022.
In the second quarter of 2026, foreign-exchange banks in South Korea recorded daily-average FX turnover of 1,214.4 in USD 100 million units, according to Bank of Korea figures. That was above 1,026.5 in the first quarter and the highest observation in the quarterly history from Q1 2022. The latest result extends the increase in reported bank trading activity rather than marking a reversal.
The historical comparison shows how far turnover has moved beyond its earlier range. During 2022–2024, quarterly daily averages remained below 710 in the same units. Activity subsequently reached 821.6 in Q2 2025 and continued rising through the second half of that year. The Q2 2026 reading therefore stands above both the immediately preceding quarter and the year-earlier quarter, supporting a broader expansion in transaction activity rather than an isolated quarterly rebound.
Spot activity gains ground within the total
Both major product categories increased from Q1 to Q2 2026. Daily-average spot turnover rose from 423.9 to 541.1, while FX derivatives increased from 602.7 to 673.2, all in USD 100 million units. Spot recorded the larger absolute increase, although derivatives remained the larger category. The product figures differ slightly from the reported headline when added together in both quarters; the headline totals are retained here without adjustment.
The clearest market-structure signal is that the expansion was shared across spot and derivatives, with spot contributing more to the quarterly increase. This points to a shift in the balance of reported transactions toward spot, not a move away from derivatives in absolute terms. Higher transaction activity can accompany more active liquidity use, but turnover alone does not establish tighter spreads or greater market depth. Nor does the product split identify whether the increase reflected hedging, other trading motives or cross-border capital flows.
The BOK measure counts purchases plus sales by foreign-exchange banks. It measures transaction activity, rather than outstanding positions, settlement exposure or client balances, and should not be read as a retail-trading total.
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