In a recent meeting, South Korea’s Vice Prime Minister and Minister of Economy and Finance Choi Sang Mok placed special emphasis on the government’s commitment to managing excessive volatility in financial and currency markets. “We will continue to closely monitor financial market trends and act against excessive volatility,” Choi said last Tuesday, December 10, during the Emergency Meeting on Macroeconomic and Financial Affairs held at the headquarters of the Korean Federation of Banks. in the Jung-gu district of Seoul.
The meeting was attended by key figures from the economic and financial sphere of the Asian country, including the governor of the Bank of Korea (BOK), Rhee Chang Yong; Chairman of the Financial Services Commission (FSC), Kim Byoung Hwan; and the director of the Financial Supervisory Service (FSS), Lee Boykhyun.
About the current state of the market
Participants in the meeting agreed that, although the stock market has shown certain signs of recovery thanks to the influx of capital from institutional and foreign investors, significant risks still remain due to global economic uncertainty. These risks therefore require constant monitoring and rapid responses to mitigate possible adverse impacts on the national economy.
He Ministry of Economy and Finance South Korean reported that the Bank of Korea has taken important measures to ensure market stability. Since December 4, it has been providing short-term liquidity by purchasing 14 trillion won of repurchase agreement securities. “Until the market fully regains its stability, we will continue to implement measures such as unlimited liquidity supply, use of the bond market stabilization fund, and the purchase of corporate bonds and commercial paper,” the ministry said.
South Korea and Mexico discuss trade uncertainties over the United States
International cooperation as an axis of stability
In addition to internal actions, international coordination was another central issue on the agenda. That same day, Choi held a video conference with Janet Yellen, US Treasury Secretary, from the Seoul Government Complex. During the meeting, the South Korean vice prime minister and minister of economy and finance highlighted the strength of the South Korean economy and the stability of its emergency response system, which operates as a key mechanism to confront global economic challenges.
“Our economy is strong, and our emergency response system operates stably,” he stressed, adding that the government will take a proactive approach to manage market volatility and ensure consistent and systematic economic management.
For her part, Yellen expressed her support for South Korea’s approach and highlighted the strong alliance between both countries, based on shared democratic values. Likewise, he expressed his desire to continue strengthening economic and financial cooperation between Seoul and Washington, especially in a context of growing global economic interdependence.
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