South Korean Finance Minister Chu Kyung-ho said he would downplay the need for a currency swap with the United States.

(European News Agency)

[Financial Channel/Comprehensive Report] South Korean Finance Minister Choo Kyung-ho said that the South Korean government will prepare more measures to stabilize the foreign exchange market, while downplaying the need for a currency swap arrangement with the United States.

Qiu Qinghao said on Sunday (25th) that he will use the government's foreign exchange fund to meet the foreign exchange hedging needs of shipbuilding companies, thereby increasing the supply of US dollars in the local market.

In addition, the country's central bank and a pension fund announced a currency swap arrangement on Friday.

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Asked about the possibility of a currency swap agreement between the Bank of Korea and the Fed, Choo said it would certainly help the local market, but it was not necessary under the current market conditions.

Choo Kyung-ho

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