Jihoon Lee, Yena Parc

SEOUL (Reuters] -South Korea’s Finance Minister will push for his country to join the upcoming APEC summit Morgan Stanley (NYSE:). Capital International (MSCI), developed market index, when he meets with the index provider next weeks. He said this on Tuesday.

Hong Nam-ki stated that inclusion in the index of developed markets is essential and overdue at a Seoul news conference for foreign media.

Hong claimed that the won is currently at around 1,230/dollar and that the government has the ability to take market stabilizing measures, if required.

Asia’s fourth-largest economy seeks inclusion on the MSCI watchlist before June.

South Korea’s inability to find an offshore market for its won currency has been a major obstacle to moving from the MSCI emerging markets index to the developed market.

According to the former finance minister, some of the items on the agenda for discussion include extending trading hours and allowing foreign FX dealers access the market. However, he declined to provide more details when questioned.

Onshore trading hours currently are from 00:00 GMT until 06:30 GMT. Only financial institutions licensed locally can take part.

Hong was asked if further opening the spot market might increase volatility during a time of rising interest rates as well as the Russia-Ukraine war, but Hong replied that those are challenges the country must overcome.

Hong said that there are some concerns about opening the FX markets for 24 hours. However, Hong stated that they will continue to do what is necessary.

One-month contracts for the won soared to $1,227.4 in NDF (non-deliverable forward) trading right after Hong’s comments at 0630 GMT. The gains were 0.72% higher than its onshore spot-market close of 1,236.2.