China traders not won over by DPRK move

Pyongyang's first revamp of the won in 17 years will render the currency useless, say some Chinese traders, but experts said the revaluation will not heavily affect trade.

As of yesterday, the Democratic People's Republic of Korea (DPRK) revalued its currency, the won, at an exchange rate between old and new notes of 100 to 1, according to a Xinhua News Agency dispatch from Pyongyang.

The exchange of old notes will continue until Sunday, according to the news agency. It is unknown whether the new 1 won will have the same purchasing power of 100 old won.