韩国央行：2026年韩国对外部门的结构变化及其对汇率的影响报告（英文版）

raditionally, a current account surplus has been understood to reflect enhanced competitiveness of domestic goods and expanded net exports, accompanied by a falling real exchange rate (KRW appreciation). However, since 2023 Q2, Korea has experienced a prolonged episode in which a widening current account surplus has coincided with a rising real exchange rate (KRW depreciation). ②Since the Global Financial Crisis, the composition of Korea’s overseas assets has tilted toward private- sector po