Key facts
- The won gained about 13% against the greenback in the third quarter.
- Hwang Kunil is viewed as one of the most dovish members of the BOK's seven-member board.
- The BOK held interest rates steady at 3.00% this month.
Hwang Kunil, a voting member on the Bank of Korea's board, warned that the recent pace of the won's moves warranted close monitoring, signalling caution over the currency even as the export-reliant economy benefits from booming demand for AI chips. He noted that the won's recent gains came as surging dollar inflows from the global artificial intelligence buildout fuelled demand for specialised memory chips from top Korean chipmakers SK Hynix and Samsung Electronics. Hwang is viewed by analysts as one of the most dovish members of the central bank's seven-member board. He opposed August's quarter-point hike in interest rates, which highlighted a debate over how far tightening should go. The BOK held interest rates steady at 3.00% this month following back-to-back hikes in July and August, but left further tightening on the table amid inflation risks due to energy prices and a resilient economic recovery.