Gu Yun-cheol "Keeping a close watch on the foreign exchange market 24 hours... will respond in a timely manner"
Summary
- Gu Yun-cheol said that volatility in the foreign exchange market continues.
- The government said it will monitor international financial markets 24 hours and, if necessary, take timely action.
- He emphasized that recently the won-dollar exchange rate rose to the 1,440 won range and that investors need to pay attention to exchange rate movements.
Held market situation review meeting
Gu Yun-cheol, Deputy Prime Minister and Minister of Economy and Finance, said on the 24th, "Global uncertainty has expanded due to US-China trade disputes and fiscal and political risks in France and Japan, and volatility in the foreign exchange market is continuing," and "We will keep a close watch on external conditions such as international financial markets 24 hours and, if necessary, respond in a timely manner."
Gu held a market situation review meeting at the Bankers Association building in Myeong-dong, Seoul, where he made these remarks. The meeting was attended by Lee Chang-yong, Governor of the Bank of Korea; Lee Eok-won, Chairman of the Financial Services Commission; and Lee Chan-jin, Governor of the Financial Supervisory Service. The previous day, the won-dollar exchange rate briefly surpassed the 1,440 won level, surging to its highest level in six months. The Ministry of Economy and Finance said participants agreed to devote full efforts to expanding housing supply, including swiftly advancing measures to ease supply bottlenecks along with demand management, as the real estate market has recently shown signs of overheating.
Reporter Lee Kwang-sik bumeran@hankyung.com
Korea Economic Daily
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