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S Korea Financial Officials Hold Emergency Meeting, Warn of Sharp Swings in KRW/ Korean Stocks
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Following the financial market turmoil triggered by the Middle East conflict, Bank of Korea (BOK) Governor Rhee Chang-yong postponed his trip to Bangkok for the International Monetary Fund (IMF) event to hold an emergency meeting in Seoul with central bank and finance ministry officials. The meeting aimed to assess the latest trends in the Korean won, bond yields, and other financial markets. Overnight (3rd), USD/ KRW fell below the 1,500 mark, reaching a new low since spring 2009. Although KRW rebounded by 0.6% to 1,476.58 per USD this morning, the South Korean stock market faced immense sell-offs, with the KOSPI triggering a circuit breaker and plummeting 11%. The central bank issued a statement noting that it will closely monitor whether the exchange rate and bond yields align with South Korea's economic fundamentals. It believed that volatility in financial markets, including exchange rates, interest rates, and stocks, may remain elevated for some time, with specific trends contingent on developments in the Middle East. AASTOCKS Financial News Website: www.aastocks.com |
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