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Government emergency meetings… "When market instability gets worse, deal quickly and boldly"

2019-08-07T04:04:17.677Z

In response to unrest in the financial markets, the government held an emergency macroeconomic and financial meeting to discuss measures. The government has said it will respond quickly and boldly, including tightening short selling, depending on market conditions. Hwagangyun reporter reports.


<Anchor>

In response to unrest in the financial markets, the government held an emergency macroeconomic and financial meeting to discuss measures. The government has said it will respond quickly and boldly, including tightening short selling, depending on market conditions.

Hwagangyun reporter reports.

<Reporter>

In particular, the macroeconomic finance meetings presided over by Deputy Prime Minister Hong Nam-gi were attended by the heads of major financial authorities, including the governor of the Bank of Korea, Lee Jung-gu, Chairman of the Financial Services Commission, and Chairman of the Financial Supervisory Service.

The macroeconomic and financial conference, attended by Vice Prime Minister and Governor Han, is the first since September 2017, just after North Korea's sixth nuclear test.

Attendees shared the idea that if market volatility increases, they should respond quickly and resolutely to the prepared emergency plan.

[Hong Nam Ki / Deputy Prime Minister: The recent expansion of volatility in the financial market is analyzed as a result of overlapping internal and external risk factors in a short period of time. Depending on the market situation, we will respond quickly and boldly in a timely manner.]

He explained that the company is preparing to stabilize the supply and demand of stocks, ease the buy-back restrictions, and tighten regulations on short selling.

[Final Chairman / Finance Chairman: We have thoroughly reviewed the measures to strengthen the short selling regulations and are ready to implement them at any time.]

The government has also "watched alertly" on the volatility of the foreign exchange market, adding that if market instability grows, "preemptive and decisive market stabilization measures will be taken."

Source: sbskr

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