Won Falls Again After Brief Rally

The Korean won fell another W14.40 against the U.S. dollar on Monday to close at W1,354.70. 

It was the first time in 11 days that the won weakened to the W1,350 level. 

It took a beating on news of a rapid increase in coronavirus infections in China. 

Despite draconian lockdowns, 24,215 new cases were reported in China on Sunday, with infections above 20,000 for five straight days. China also reported its first coronavirus death in six months. 

These developments stoked jitters of a delay in the lifting of lockdowns there and a faltering economic recovery, causing the yuan to plummet and take other currencies down with it.