South Korea rushes to stabilise markets after Yoon's martial law bid

Home Business South Korea rushes to stabilise markets after Yoon's martial law bid 04-12-2024 10:09 AM Ammon News - South Korea's finance ministry said on Wednesday it was ready to deploy "unlimited" liquidity into financial markets after President Yoon Suk Yeol lifted a martial law declaration he imposed overnight that pushed the won to multi-year lows. The announcement came after Finance Minister Choi Sang-mok and Bank of Korea Governor Rhee Chang-yong held emergency talks overnight, and as the central bank board abruptly met to approve rescue measures for the local credit market. While financial markets found their footing in Wednesday trade, with the won higher and stocks trimming some losses, investors remain wary about longer-term political stability in South Korea, which has been seeking to make its markets more global. South Korea's won , gained 0.8% as of 0212 GMT, coming off the two-year low of 1,442.0 hit overnight after Yoon's shock martial law declaration. South Korea's parliament, with 190 of its 300 members present, unanimously passed a motion early Wednesday requiring the martial law be lifted. Reuters

Home Business

South Korea rushes to stabilise markets after Yoon's martial law bid

04-12-2024 10:09 AM

Ammon News - South Korea's finance ministry said on Wednesday it was ready to deploy "unlimited" liquidity into financial markets after President Yoon Suk Yeol lifted a martial law declaration he imposed overnight that pushed the won to multi-year lows.

The announcement came after Finance Minister Choi Sang-mok and Bank of Korea Governor Rhee Chang-yong held emergency talks overnight, and as the central bank board abruptly met to approve rescue measures for the local credit market.

While financial markets found their footing in Wednesday trade, with the won higher and stocks trimming some losses, investors remain wary about longer-term political stability in South Korea, which has been seeking to make its markets more global.

South Korea's won , gained 0.8% as of 0212 GMT, coming off the two-year low of 1,442.0 hit overnight after Yoon's shock martial law declaration.

South Korea's parliament, with 190 of its 300 members present, unanimously passed a motion early Wednesday requiring the martial law be lifted.

Reuters

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