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S. Korea, Japan, China regulators discuss steps to ease volatility

All Headlines 10:13 December 01, 2017

SEOUL, Dec. 1 (Yonhap) -- Senior financial regulators from South Korea, Japan and China held a meeting in the western port city of Incheon on Friday during which they discussed each nation's steps to ease volatility over U.S. interest rate hikes, officials said.

Kim Yong-beom, vice chairman of the Financial Services Commission (FSC), and his Japanese and Chinese counterparts, Ryozo Himino and Wang Zhaoxing, respectively, also shared each nation's policy experiences on cryptocurrencies and financial technology, the FSC said in a statement.

Ryozo Himino, vice minister for international affairs at Japan's Financial Services Agency (L); Kim Yong-beom, vice chairman of the Financial Services Commission (C); and Wang Zhaoxing, vice chairman of China's Banking Regulatory Commission, pose for the camera ahead of a meeting in Incheon, South Korea, on Dec. 1, 2017. (Yonhap)

In an opening remark, Kim said South Korea, Japan and China face a "common task" of closely managing their financial markets to prevent excessive volatility in the wake of the U.S. interest rate hikes.

The United States has begun unwinding a decade of monetary stimulus and has hinted of further raising interest rates.

The officials also discussed ways to tackle structural problems in the wake of the global economic recovery, the FSC said.
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