Semiconductors Without Seigniorage | Economy | Breeze in Busan The world bought Korean chips and U.S. T-bills. Export earnings lifted equities, dollar yields lifted portfolios, and the won traded as risk. The semiconductor boom created corporate value, not curren...

Trade strength no longer drives currency strength. Portfolio flows, collateral roles, and dollar institutions define the hierarchy — KRW stays peripheral. breezeinflow.com/economy/semi...
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