South Korea strengthens monitoring of markets and economy as risks increase

South Korea announced that it will strengthen the monitoring of the main risk factors of the economy through the 24-hour government monitoring system, and will take rapid measures to stabilize the market in cooperation with relevant institutions when needed.

The Bloomberg News Agency reported that the Ministry of Finance of South Korea issued a statement on risk monitoring after a meeting of its top economic officials.

The meeting was attended by South Korean Finance Minister Cho Kyung-Ho, Central Bank Governor Ri Chang-yong, chairman of the Financial Services Commission Kim Joo-hyun, head of Financial Supervisory Services Lee pohyun, and presidential adviser on economic affairs Choi Sang-Mok.

Participants were unanimous that the uncertainty in the global market has increased due to difficulties in the real estate sector in China and increased volatility in the US bond market.

The participants were also unanimous that the direct impact of Chinese and American issues in South Korea is perceived as limited at the moment, but its repercussions in the future cannot be ruled out.