Seoul to take preemptive measures to stabilize markets against 'short-term risks'
- 5 years ago
Senior finance officers, including the heads of South Korea's finance ministry and central bank ,held an urgent meeting for the first time in two years this morning to discuss how to stabilize markets against "temporary risks".
Won Jung-hwan reports.
Finance Minister Hong Nam-ki and Bank of Korea Governor Lee Ju-yeol held an urgent meeting with other senior finance officials on Wednesday morning to discuss Japan's export curbs and the U.S. decision to label China as a currency manipulator.
It is the first time the heads of the finance ministry and the central bank have met since the aftermath of North Korea's sixth nuclear test some two years ago.
During Wednesday morning's meeting, South Korea's finance minister vowed to take preemptive measures to stabilize the country's financial and foreign exchange markets. Hong said the increased volatility in the domestic market was the result of 'short-term risks' that happened to overlap,… and insisted that he will cope with such issues as swiftly and sternly as possible.
On top of around-the-clock monitoring, the minister vowed to take measures to stabilize the markets according to the finance ministry's contingency plan.
"Under the contingency plan that has already been devised, we will take swift and bold steps through all available means, such as stock market stabilization measures and easing regulations on buybacks and short selling, at a suitable time,"
And regarding Japan's export curbs against South Korea,… he said he will provide full support to reduce any sudden damage.
"We will strongly urge Japan to promptly withdraw its improper measures against South Korea,... and will provide support to companies to minimize the short-term damage, including decisive measures to help companies become less dependent on Japan."
And BOK governor Lee stressed the need to curb volatility in the foreign exchange market.
"As now is when we must focus on financial and foreign exchange market stabilization, the Bank of Korea will continue its market stabilization efforts while closely cooperating with the government"
He stressed that maintaining the country's economic credibility is more important than anything else, and that the central bank and the government will pool their wisdom to manage Korea's economy to this end.
Won Jung-hwan Arirang News.
Won Jung-hwan reports.
Finance Minister Hong Nam-ki and Bank of Korea Governor Lee Ju-yeol held an urgent meeting with other senior finance officials on Wednesday morning to discuss Japan's export curbs and the U.S. decision to label China as a currency manipulator.
It is the first time the heads of the finance ministry and the central bank have met since the aftermath of North Korea's sixth nuclear test some two years ago.
During Wednesday morning's meeting, South Korea's finance minister vowed to take preemptive measures to stabilize the country's financial and foreign exchange markets. Hong said the increased volatility in the domestic market was the result of 'short-term risks' that happened to overlap,… and insisted that he will cope with such issues as swiftly and sternly as possible.
On top of around-the-clock monitoring, the minister vowed to take measures to stabilize the markets according to the finance ministry's contingency plan.
"Under the contingency plan that has already been devised, we will take swift and bold steps through all available means, such as stock market stabilization measures and easing regulations on buybacks and short selling, at a suitable time,"
And regarding Japan's export curbs against South Korea,… he said he will provide full support to reduce any sudden damage.
"We will strongly urge Japan to promptly withdraw its improper measures against South Korea,... and will provide support to companies to minimize the short-term damage, including decisive measures to help companies become less dependent on Japan."
And BOK governor Lee stressed the need to curb volatility in the foreign exchange market.
"As now is when we must focus on financial and foreign exchange market stabilization, the Bank of Korea will continue its market stabilization efforts while closely cooperating with the government"
He stressed that maintaining the country's economic credibility is more important than anything else, and that the central bank and the government will pool their wisdom to manage Korea's economy to this end.
Won Jung-hwan Arirang News.