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SEOUL, Sept 5 (Reuters) – South Korea’s finance minister said Monday the authorities would take pre-emptive measures if necessary to stabilize local financial markets, where volatility has increased due to external factors.
Minister Choo Kyung-ho made the remarks at the start of a planned meeting of senior economic and financial officials, which included heads of the central bank and two financial market regulators.
The meeting was convened as aggressive monetary tightening by the US Federal Reserve and other major central banks and signs of a slowdown in most major economies dragged the won, bond and stock prices lower.
He did not go into detail about possible measures by the authorities.
Choo said that external factors are mainly responsible for the increased volatility in local markets, adding that the country’s economic fundamentals have remained strong, such as the still positive current account balance.
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Reporting by Choonsik Yoo; Edited by Kim Coghill
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