South Korean FX authorities bought $20 billion in repatriated SK Hynix funds

SEOUL: South Korean foreign exchange authorities bought about $20 billion in U.S. dollars that SK Hynix sold after its $26.5 billion American depositary receipt listing in July, a source with direct knowledge of the matter said on Wednesday.

The Foreign Exchange Stabilization Fund, managed by the nation’s finance ministry and the Bank of Korea, made the purchases through over-the-counter transactions as ‌SK Hynix repatriated ⁠U.S. ⁠dollars to South Korea, the source said, declining to be named due to the sensitivity of the matter.