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Decline in yuan takes toll on won

  • Hardest hit of late among regional currencies by the tumble in China's yuan is South Korea's won, reflecting the growing trade between the two countries. Correlations between the yuan and won have grown increasingly tighter over the past year, says Credit Agricole global currency chief Mitul Kotecha, and other Asian currencies have even become negatively correlated with the Chinese unit.
  • Morgan Stanley data shows export exposure to China accounts for 13% of South Korean GDP - high, but not as much as Singapore (20%) and Taiwan (17%).
  • South Korean ETFs: EWY, FKO, KORU, DXKW, KORZ, DBKO
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