Anchor: South Korea's financial regulator held an emergency meeting to check the local markets amid growing uncertainties over the Choi Soon-sil scandal. Yim Jong-yong, who was recently named to take on the position of finance minister, vowed to stabilize the market, saying the current situation is like "stepping on thin ice."
Our Kim In-kyung has more.
 
Report: Finance minister nominee Yim Jong-yong announced shifting gears to emergency mode, saying the South Korean economy and financial markets are extremely fragile.
 
Yim, currently chairman of the Financial Services Commission(FSC), held an emergency meeting Monday to check uncertainties in the local markets stemming from the Choi Soon-sil scandal.
 
[Sound bite: Finance minister nominee Yim Jong-yong (Korean)]
"If there is a hole in our risk management, our economy and the financial system as a whole can suffer a significant shock."
"We will strengthen cooperation with related agencies, including the Finance Ministry and the Bank of Korea, and monitor domestic and international financial markets around the clock."
 
The FSC chairman said that if necessary, he will take immediate measures to stabilize markets according to a contingency plan.
 
Senior officials from all financial sectors attended the meeting, including Financial Supervisory Service Governor Zhin Woong-seob, Korean Federation of Banks Chairman Ha Yung-ku, Korea Financial Investment Association Chairman Hwang Young-key and Korea Exchange Chairman Jeong Chan-woo.
 
The FSC and the Financial Supervisory Service will operate an emergency situation room with the secretary general of the FSC as its head.
 
Yim also noted an "excessive bias" in the currency market and said he will strengthen efforts for stability.
 
He said he will check unusual trends in foreign currency loans daily and immediately share information with related agencies to maintain firm response measures in the foreign exchange market.
Kim In-kyung, KBS World Radio News.