South Korea will continue its push for inclusion in the developed-market category under the Morgan Stanley Capital International index after the provider decided to keep Asia's No. 4 economy in the emerging-market category, the finance ministry said Wednesday.Overnight, MSCI said South Korea will remain in the emerging-market category despite Seoul's efforts to gain inclusion in the developed-market category, citing limited convertibility of the Korean won in the offshore currency market. Inside the dealing room of Woori Bank in Seoul on June 23. (Newsis) "If we continue to implement reforms in the foreign exchange and capital markets on our own schedule, we believe we can be included among advanced economies," the Ministry of Finance and Economy said in a statement.The finance ministry added that the country will continue efforts to communicate with major overseas investors and reflect their feedback in its policies."MSCI acknowledges the measures announced by Korean market authorities to address these long-standing concerns," the finance company said. "However, investors have communicated that the underlying issues have not been fully resolved."MSCI, meanwhile, noted the limited convertibility of the Korean won in the offshore currency market as a key barrier to reclassification."Even more concerning, onshore liquidity during the extended FX trading hours remains largely insufficient to support tight execution at standards comparable to those observed in developed markets, constraining FX operational flexibility for index replicators and others." (Yonhap)