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Won hits six-month high of 1,380 won on U.S.-China trade talk news

Published: 07 May. 2025, 11:02 Updated: 07 May. 2025, 11:03

KIM JU-YEON
[email protected]

A screen in Hana Bank's trading room in central Seoul shows the won-dollar exchange rate on May 7. [YONHAP]

The won started sharply higher on Wednesday to trade at a six-month high of 1,380 won per dollar at opening on news that the United States and China will start trade talks later this week following U.S. President Donald Trump's tariff policies.

The local currency was trading at 1,384.35 won against the dollar at 9:15 a.m., up 26.05 won from the previous session.

Its value was at its highest against the greenback since it traded at 1,378.6 won on Nov. 5 last year.

Shares also opened higher. The Kospi added 0.74 points, or 0.03 percent, heading to 2,560.53 in the first 15 minutes of trading.

The Washington-Beijing trade negotiations are scheduled to take place in Switzerland this weekend, with U.S. Treasury Secretary Scott Bessent and China's Vice Premier He Lifeng attending.

Wall Street, however, finished lower before the announcement of the U.S.-China trade talks.

The Dow Jones Industrial Average fell 0.95 percent, and the Nasdaq composite lost 0.87 percent.

In Seoul, most shares started in positive territory.

Market bellwether Samsung Electronics rose 0.28 percent and its chipmaking rival SK hynix gained 0.7 percent.

Leading battery maker LG Energy Solution increased 0.39 percent, and top defense firm Hanwha Aerospace went up 2.69 percent.

BY KIM JU-YEON, YONHAP [[email protected]]