Investment by South Korean institutional investors into foreign bonds and stocks hit a record high at the end of March this year, official data showed Wednesday.
The data suggested that appetite by South Korean insurers, brokerages and asset management firms for riskier assets in foreign countries improved amid record-low interest rates at home.
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(Yonhap) |
The total holdings of foreign bonds and stocks by South Korean institutional investors stood at $192.9 billion at the end of March, the Bank of Korea said in a statement.
Compared with the end of last year, it rose by $19.1 billion, marking the biggest quarterly gain.
The central bank said insurers have increased their holdings of foreign stocks and bonds to better cope with changes in global accounting rules.
South Korea is one of more than 100 nations that will adopt the new global bookkeeping standard or the International Financial Reporting Standards 17, starting in January 2021.
When adopted, some insurers in South Korea will face pressure to beef up their capital bases, analysts said. (Yonhap)
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