[1/2] A South Korea won note is seen in this illustration photo May 31, 2017.
South Korean companies repatriated a record $33.13 billion of overseas earnings during the January-July period, 6.3 times the amount a year earlier, central bank data on current account balances showed.
"The coming home of earnings retained abroad has been a big help for the won," a government official in charge of foreign exchange market said, asking not to be named due to internal policy.
The automaker said on June 12 it plans to invest 7.8 trillion won ($5.82 billion) of retained earnings from overseas operations this year in electric car factories at home.
The surge in repatriation also comes ahead of trading reforms planned for next year, when South Korea will extend onshore trading hours until 2 a.m. to improve access for foreign investors.
Persons:
Thomas White, Yoon Suk, Hong Sung, kook, Min Gyeong, 1,340.7400, Jihoon Lee, Cynthia Kim, Joyce Lee, Heekyong Yang, Vidya Ranganathan
Organizations:
South, REUTERS, Rights, Samsung Electronics, Hyundai Motor, Kia Corp, Reuters Graphics Bank of Korea, Woori Bank, Hyundai, Hyundai Motor Group, Shinhan Bank, Yena, Thomson
Locations:
South Korea, Rights SEOUL, Korea