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South Korea continues to revamp policies to attract WGBI investors

South Korea's Finance Ministry said the government will continue to revamp its market policies to attract more foreign investors to join the World Government Bond Index (WGBI) this year. The WGBI is a broad index designed to measure the performance of government bond markets, including local currencies and sovereign bonds of major advanced nations. The country has recently been making efforts to ease market regulations, including announcing its plan to abolish the existing mandatory registration policy for foreigners investing in listed securities. South Korea also began exempting taxes on interest income and capital gains for non-residents and foreign companies' investment in treasuries and monetary stabilization bonds. The country earlier announced it will extend the operating hours of its foreign exchange market as early as the second half of 2024.

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