Korean Won is the Korean currency unit of South Korea. “원”, the Chinese character is written as “yuan” or “won”, and the pinyin is expressed as “WON” (₩). Sometimes the old name “円” (원, Won) is also used. The International Organization for Standardization ISO 4217 defines its standard code as KRW.

Won symbol

Chinese sometimes uses the old name “圜” (원 (Won), currency between 1953 and 1962, 1902 to 1910 when the Japanese ruled, 원 (circle, Won)). Issued by the Bank of Korea, the Bank of Korea. The International Organization for Standardization ISO 4217 defines its standard code as KRW.

Korean Won Symbol – Korean Won Symbol: KRW. The currency symbol for Korean currency is ₩, which is WON.

Korean coins have a total of 1 won, 5 won, 10 won, 50 won, 100 won, 500 won, and 6 currency values.

Currency

There are two types of Korean currency, banknotes and coins. There are four types of banknotes: 1,000 won, 5,000 won, 10,000 won, and 50,000 won, which are easy to distinguish based on the historical figures and colors printed on the banknotes.

Korean coins have a total of 1 won, 5 won, 10 won, 50 won, 100 won, 500 won, and 6 currency values. There are four types of coins in circulation: 10 won, 50 won, 100 won, and 500 won (10 won is the smallest unit). Due to the high exchange rate of the Korean won and its evaluability, the 1-won and 5-won coins were discontinued in February 2001. On June 23, 2009, the Bank of Korea, the central bank of Korea, issued a banknote of 50,000 won (about 40 US dollars), which is the largest denomination banknote issued by the country to date. Commonly used pronunciation “WON”, “HUAN”: the pronunciation usage of Korean currency in ancient times.

At the time of the founding of the Republic of Korea, the currency was issued with reference to the Japanese yen. From 1 yuan to 10,000 yuan in denominations. Later, after nearly 60 years of South Korea’s economic take-off, South Korea’s economic prosperity made the value of the Korean won too high today, but it did not have much impact on the circulation of the currency. In 2009, according to market needs, the Korean won in the denomination of 50,000 yuan was issued. The statement of “worthless” is unscientific, it can only be said that the currency denomination is set higher.

Money is a general equivalent, and there is a certain proportional relationship between the total supply of money and the actual purchasing power. For example, if a country has items worth 10 billion yuan, the country has printed a total of 10 billion yuan in currency. Anything worth one dollar is sold for one dollar. But if the country prints 100 billion yuan in currency, and the total value of the goods is still 10 billion yuan, then things that were originally sold for 1 yuan will be sold for 10 yuan. The number of coins printed in South Korea is relatively large, and what sells for 1 yuan in my country will sell for more than 100 yuan there. So the face value is big.

1. The formation of currency value has historical factors, and the process is relatively complicated.

2. The currency value is low, and it cannot be said to be “invaluable”, and it must be considered comprehensively.

3. Japan and South Korea also have a special situation, that is, the smallest unit of their currency is “yuan”, which is “yen” or “won”. Their currencies don’t have decimals like our “cents”. So their 100 yuan is equivalent to our one yuan. In this way, the currency value is not very low. 100 yen in Japan is equivalent to about 1 US dollar; 100 won in South Korea used to be about the same as 1 yuan, but now it has depreciated, which is roughly equivalent to 50 cents of yuan.

Exchange

In the past, to exchange Korean won, only to exchange dollars first, and then take the dollars to South Korea to exchange for the won. The exchange rate of RMB against the US dollar is relatively stable compared to the exchange rate of the US dollar against the Korean won, because the People’s Bank of China pegged the RMB to the US dollar. When the exchange rate of other currencies against the US dollar fluctuates greatly, the exchange rate of the RMB against the US dollar basically remains unchanged.

After the exchange rate reform, the People’s Bank of China announced that the renminbi is pegged to a basket of currencies such as the US dollar and the euro, but other currencies account for a smaller proportion. Therefore, in South Korea, if the Chinese yuan is exchanged for the Korean won, the actual operation of the bank is to exchange the Chinese yuan for the US dollar and then the Korean won, so that the consumer must pay the exchange difference twice, and the exchange of the Korean won is relatively small.

Now domestic banks have officially launched the two-way exchange business of Korean Won (KRW) cash, and the Korean won in the foreign currency column of the foreign exchange rate of RMB has also officially joined. Bank of China is the first domestic bank approved to conduct a two-way exchange of Korean won banknotes. 1,000 won is roughly equivalent to RMB 6.10.

After opening the two-way exchange business of Korean won cash, Bank will provide residents and non-resident individuals with the service of converting Korean won cash into RMB cash. When redeeming, you need to provide your valid ID.

However, only non-resident individuals are provided with the service of converting RMB cash back into Korean won cash. Moreover, domestic banks are temporarily unable to provide Korean won foreign exchange purchases. For personal reasons, business trips or travel to South Korea, individuals can first use RMB to purchase foreign exchange dollars in China and then convert them into South Korean won.