My friend and I get excited at seeing out U.S. dollars worth something in the world. The Korean won has been devaluing due to liquidity problems in the Korean market. It seems like a lot want to pull their money out of Korea and place it somewhere else. In the short term, this means that us foreigners can buy more stuff. Hurray. I know quite a many European students that purchased some new MacBooks during these fluctuations.
Well, now the USA has helped out Korea recently with this situation, through a currency exchange where Korea can buy up to 30 billion USA. This adds confidence to the Korean market, amongst jittery fears in recent times. The Korean won went up in value some 12% to 14%.
There's a lot of articles on the internet:
- Korea, US Sign $30 Bil. Currency Swap Deal in the Korea Times
- Wobbly Won Rises on US-ROK Swap in Economy section of RateMyHogWon
- US and Korea currency swapping plan gets a lot of love in
in Robert J. Koehler's blog: The Marmot's Hole
