NEW YORK: South Korea and Taiwan will only be able to join the ranks of developed markets in MSCI's benchmark indexes after making their currencies fully convertible, the index provider said on Tuesday.
Both countries, which account for more than a quarter of the MSCI Emerging Market Index, remain under review for a possible upgrade next year, MSCI Inc said in a statement. South Korea and Taiwan have failed to pass the test for developed markets admission in the past few years due to market access issues. Both countries have had some degree of capital curbs in place, which were exacerbated in moments of market turbulence.
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