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S. Korea to take steps if volatility grows in financial markets

Economy 08:39 June 16, 2020

SEJONG, June 16 (Yonhap) -- South Korea will swiftly take measures to stabilize financial markets if volatility grows, Vice Finance Minister Kim Yong-beom said Tuesday.

Kim made the remarks a day after South Korea's main stock index plummeted 4.8 percent amid worries about a new wave of coronavirus infections around the world that could dash hopes of a quicker economic recovery.

"The government will take market stabilization measures if necessary," Kim told a meeting with senior officials from financial regulators and the Bank of Korea.

Monday's plunge in stocks marked the sharpest daily decline since late March.

The Korean currency closed at 1,216.00 won against the U.S. dollar on Monday, down 12.2 won from the previous session's close.

Vice Finance Minister Kim Yong-beom (Yonhap)

kdh@yna.co.kr
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