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S.Korea pledges pre-emptive action to stabilise markets

S.Korea pledges pre-emptive action to stabilise markets Reuters. FILE PHOTO: South Korea Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho attends the G20 Finance Ministers Meeting in Nusa Dua, on Indonesia resort island of Bali, on July 15, 2022. Sonny Tumbelaka/Pool via REUTERS

SEOUL (Reuters) -South Korea’s finance minister said on Monday that the authorities would do something in a pre-emptive manner if essential to stabilise local financial markets, where volatility has increased because of external factors.

Minister Choo Kyung-ho made the remarks at the start of a scheduled meeting of top economic and finance officials, which also included the heads of the central bank and two financial markets regulatory agencies.

The meeting was convened as aggressive policy tightening by the U.S. Federal Reserve along with other major central banks and signs of slowing generally in most of the major economies have pulled down the won, bond and stock prices.

He didn’t elaborate on action the authorities usually takes.

Choo said external factors were mostly to be blamed for the increased volatility in the neighborhood markets, adding the country’s economic fundamentals remained strong, like the current balance still in surplus.

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