S. Korean FinMin Hong: Coronavirus outbreak may impact S. Korea's exports, economic growth; Won at three-week lows
|South Korean Finance Minister Hong Nam-ki said in a policy meeting in Seoul that the government will fund efforts to contain the spread of coronavirus within the existing budget.
Additional Headlines:
Govt will be 'all out' to protect citizens from coronavirus, minimize the impact on the economy.
Closely monitoring financial markets, will promptly act to stabilize markets if needed.
The impact on local economy from coronavirus seen limited so far.
Virus outbreak may impact S. Korea's exports, economic growth.
FX Implications:
The Korean won (KRW) opened sharply lower tracking the yuan's drop. The USD/KRW cross hit a new three-week high at 1,179.71. At the press time, the spot trades flat around 1,176.
Meanwhile, South Korea’s benchmark index, KOSPI, plunges 3% while the junior KOSDAQ also falls more than 3%.
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