▲ Hong Nam-gi, Deputy Prime Minister and Minister of Strategy and Finance (middle), President of the Bank of Korea (left), Choi Jong-gu, Chairman of Finance Committee
"The recent expansion of volatility in the financial market is the result of overlapping internal and external risk factors in the short term," said Hong Nam-gi, deputy prime minister.
Mr. Hong talked about stabilizing the supply and demand of stocks, easing regulations on share buyback, and tightening short selling regulations.
Mr. Hong held an emergency macroeconomic and financial meeting at the Myeong-Dong Banking Hall in Seoul.
At the meeting today, Deputy Prime Minister Hong, Lee Gyu-yeol, President of the Bank of Korea, Choi Jong-gu, Chairman of Finance Committee, and Yoon Seok-hun, Director of Financial Supervisory Service, attended the meeting.
The macroeconomic and financial conference, which was attended by the deputy prime minister and the governor, was the first since September 4, 2017, shortly after North Korea's sixth nuclear test.
Deputy Prime Minister Hong said that the global stock market is weakening as the US-China trade conflict intensified due to the global economic slowdown. I did.
Mr. Hong said, “We will keep an eye on the situation and focus our efforts to stabilize the market.” I will respond quickly and boldly. "
Mr. Hong added, “We will pay special attention to the expansion of foreign exchange market volatility, and will take preemptive and decisive measures when market instability occurs due to excessive concentration.”
Lee said, “The market may become unstable from time to time depending on the development of external conditions.” “We will continue our efforts to stabilize the market by cooperating with the government.”
(Photo: Yonhap News)