Anchor: South Korea’s top economic policymakers convened an emergency meeting Wednesday to discuss developments in the U.S.-China trade war and Seoul's own row with Tokyo. Finance Minister Hong Nam-ki promised to address volatility risks in the market, but assured attendees that the country's economic fundamentals remain strong.
Park Jong-hong has the details.

Report: Seoul’s finance chief vowed “swift and bold” measures, if necessary, to help stabilize the country’s financial and foreign exchange markets amid the escalating U.S.-China trade war.  

Finance Minister Hong Nam-ki made the remarks at an emergency meeting convened Wednesday with other top financial officials, including Bank of Korea(BOK) Governor Lee Ju-yeol.

The minister noted that concerns of a global economic slowdown are growing at a time of sluggish exports, less-than-stellar investment and corporate earnings, and new procedural hurdles on Japanese exports to South Korea.

He said internal and external factors have overlapped and are seemingly fueling financial market volatility.

However, Hong explained there is no need to be overly concerned as South Korea’s economic fundamentals remain solid, adding that foreign exchange reserves and net foreign bonds are high, with both exceeding 400 billion U.S. dollars.

Nevertheless, he said a contingency plan has already been devised and that the government will take steps at an appropriate time, such as stock market stabilization measures, easing regulations on buybacks and tightening regulations on short selling.

Meanwhile, BOK chief Lee said there are signs of market instability and that it is critical to maintain South Korea’s financial credibility overseas. 

He added that there should be concerted efforts to steer macroeconomic policies.

It is the first time in two years that the finance minister and BOK chief were present at the meeting, which is usually attended by the vice finance minister, underlining the seriousness with which Korea's financial decision-makers are approaching the present state of the economy.
Park Jong-hong, KBS World Radio News.