- Title: South Korea ready to act if Trump win sparks severe market volatility
- Date: 9th November 2016
- Summary: SEOUL, SOUTH KOREA (NOVEMBER 9, 2016) (REUTERS) ****WARNING CONTAINS FLASH PHOTOGRAPHY*** SOUTH KOREAN FINANCE MINISTER, YOO IL-HO, WALKING INTO MEETING ROOM AND TAKING SEAT SOUTH KOREAN OFFICIALS AND CHAIRMAN OF THE FINANCIAL SERVICES COMMISSION (FSC), YIM JONG-YONG (SECOND FROM LEFT), SITTING MAN PUTTING DOCUMENTS ON DESK IN FRONT OF YOO, SITTING (SOUNDBITE) (Korean) SOUTH KOREAN FINANCE MINISTER, YOO IL-HO SAYING: "We plan to consider ways to inflow foreign currency funds through a number of methods, including issuing foreign currency bonds, flexible use of macroprudential measures, and foreign currency funding for the private sector." SOUTH KOREAN OFFICIALS SITTING MEETING IN PROGRESS CHAIRMAN OF THE FINANCIAL SERVICES COMMISSION (FSC), YIM JONG-YONG, WALKING IN AND TAKING SEAT MEETING IN PROGRESS SOUTH KOREAN OFFICIALS SITTING (SOUNDBITE) (Korean) CHAIRMAN OF THE FINANCIAL SERVICES COMMISSION (FSC), YIM JONG-YONG, SAYING: "(Financial Services Commission) will secure foreign currency liquidity of bank to strengthen response system against external shocks. We will also closely monitor domestic economic risks such as household debt and the ongoing corporate restructuring efforts." MORE OF MEETING IN PROGRESS EXTERIOR OF GOVERNMENT COMPLEX SOUTH KOREAN NATIONAL FLAG
- Embargoed: 24th November 2016 10:07
- Keywords: South Korea Trump market economy KOSPI finance minister Yoo Il-ho
- Location: SEOUL, SOUTH KOREA
- City: SEOUL, SOUTH KOREA
- Country: South Korea
- Topics: Economic Events
- Reuters ID: LVA00157Q2FD3
- Aspect Ratio: 16:9
- Story Text:South Korea said on Wednesday (November 9) it will respond firmly if needed should severe volatility grip financial markets after Republican Donald Trump's shock victory in the U.S. presidential election sent global markets plunging.
The government and central bank said they would monitor markets around the clock, with Finance Minister Yoo Il-ho urging calm while warning that downside risks to the global economy have increased as a result of the U.S. vote.
"We plan to consider ways to inflow foreign currency funds through a number of methods, including issuing foreign currency bonds, flexible use of macroprudential measures, and foreign currency funding for the private sector," Yoo said during a meeting with government officials to discuss the U.S. election.
The head of South Korea's financial regulator said it would also take measures to stabilise any excessive volatility in the nation's stock market, which plunged to its lowest level in four months. The won also notched its biggest daily fall since mid-September as investors fled riskier assets.
"(Financial Services Commission) will secure foreign currency liquidity of bank to strengthen response system against external shocks. We will also closely monitor domestic economic risks such as household debt and the ongoing corporate restructuring efforts," chairman of the Financial Services Commission (FSC), Yim Jong-yong said.
World markets were in turmoil following a stunning win for Republican candidate Donald Trump in a fiercely fought U.S. presidential election. - Copyright Holder: REUTERS
- Copyright Notice: (c) Copyright Thomson Reuters 2016. Open For Restrictions - http://about.reuters.com/fulllegal.asp
- Usage Terms/Restrictions: None
