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The Bank of Korea (BOK) and the South Korean government are out with a joint statement, in an effort to calm market nerves following the coronavirus-led global markets meltdown.

Key points

Herd-like behaviors in cross rate swaps market seems to be from market instabilities, not liquidity shortage.

Local financial institutions are equipped with ample fx liquidity, will deploy appropriate measures if needed.

Earlier today, it was reported that BOK is discussing need to hold emergency policy rate review meeting. 

  • USD/KRW: South Korean Won hits four-year low
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