S. Korean FinMin: Will take stern action if needed to stabilize markets
|South Korean Finance Minister said on Wednesday, the government will take stern action if needed to stabilize markets.
Additional quotes
Volatility in local financial market likely to remain high for some time.
Will act in pre-emptive manner if needed.
Negative impact on economy from coronavirus spread materializing.
On Tuesday, the South’s President Moon told a cabinet meeting, “The entire country has entered war against the infectious disease as the crisis in Daegu and Gyeongbuk province has reached the highest point. I am very sorry to the people that we are not able to supply masks swiftly and sufficiently and have caused inconvenience.”
Asia’s fourth-biggest economy has reported 5,186 cases of infectious disease and 28 deaths.
USD/KRW rebounds from a two-week low
The Korean won is seen reversing from a two-week low reached against the US dollar at 1,180.02 in the overnight trades after the emergency Fed rate cut.
The won fails to benefit from the gains seen in its Asian peers, as USD/KRW now trades at 1,185.62, up 0.45% on the
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