South Korea’s plans to loosen restrictions in its currency market will raise the won’s status globally and boost business opportunities for local financial firms, a vice finance minister told Reuters .
South Korea has grown to one of the world’s top 10 economies in just a few decades but has kept a tight grip on its currency market, mainly out of the trauma from its near sovereign default in the late 1990s during the Asia financial crisis.
He said there was no meaningful factor seen behind massive foreign fund outflows in the past two consecutive months from local bond market, other than the fact there was a large amount of bonds coming to maturity during the period.Bang also said there was almost no danger of South Korea’s cooling real estate market causing a systemic risk to the larger financial system, noting policy measures have succeeded in diffusing money market strains related to property development projects.
“While there could still be companies falling into trouble individually, we can deal with them with targeted measures, but in general, I don’t see the real estate market-related problems will cause a broader systemic risk,” Bang said.
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