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SEOUL (Reuters) – South Korea’s finance minister stated the federal government would put together extra measures to stabilise the international alternate market, whereas downplaying the necessity for a foreign money swap association with the USA.
The measures embody utilising the federal government’s international alternate equalisation fund to satisfy shipbuilding firms’ FX hedging calls for, thereby rising greenback provide within the native market, minister Choo Kyung-ho stated throughout a televised interview on Sunday.
It’s a part of FX authorities’ efforts to ease volatility within the FX market, Choo stated, along with a foreign money swap association between the nation’s central financial institution and a pension fund introduced on Friday, as they’re seeing the South Korean received just lately weakening at a sooner tempo than most friends.
On a query about the potential of a foreign money swap deal between the Financial institution of Korea and the U.S. Federal Reserve, Choo stated it could undoubtedly be useful for the native market, however is just not vital but within the present market state of affairs.
(Reporting by Jihoon Lee; Modifying by Chris Reese)
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