The Bank of Korea has appointed Choo Heung-sik as its foreign exchange reserve management group chief, The Wall Street Journal reports. Choo is currently responsible for the bank’s forex reserve management strategy. He takes over from Hong Taeg-ki.
The Korean central bank has the world’s eighth largest FX reserves. With the decline in U.S. dollar, the bank is looking to diversify its investment portfolio. The bank applied for a qualified foreign institutional investor status in China earlier this year to purchase yuan-denominated Chinese Treasuries.
Click here for the story from The Wall Street Journal.