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South Korean Finance Minister Hong Nam-ki said in a policy meeting in Seoul that the government will direct efforts to minimize the impact on its economy of the coronavirus outbreak.

Key Quotes:

“All our efforts need to focus on minimizing the impact on the local economy.” 

“The government will deploy preemptive, prompt and precise market stability measures according to contingency plans should volatilities increase.”

FX Implications:

The Korean won (KRW) remains under pressure amid the yuan’s slump. The USD/KRW cross hit a new four-month high at 1,198.93. At the press time, the spot trades a tad firmer around 1,196.

Meanwhile, South Korea’s benchmark index, KOSPI, drops 0.20% to near 2,115 points. The Chinese stocks tumble nearly 8%, as traders return from the week-long Lunar New Year holidays and react negatively to the coronavirus outbreak.