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S. Korea vows to stabilize economy

11-24-2010 13:47 BJT Special Report:DPRK, S. Korea Exchange Fire |

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South Korea says its economy is strong enough to absorb any shocks arising from the DPRK's shelling attack, and it's ready to take measures to stabilize markets.

Yim Jong-yong, the country's Vice Finance Minister, , expressed his confidence in Asia's fourth largest economy. He says the country has in its favor a solid pace of recovery, high foreign reserves, strong current account balance and high investors' trust. South Korea's also pledging to provide sufficient won and dollar liquidity to the local financial system.

South Korea's Vice-Finance Minister Yim Jong-yong presides over an emergency
meeting on the economy and financial sectors in Seoul on November 24, 2010.
South Korea warned North Korea on Tuesday of "enormous retaliation" if it
took more aggressive steps after Pyongyang fired scores of artillery shells
at a South Korean island in one of the heaviest attacks on its neighbor since
the Korean War ended in 1953. Picture taken on November 23, 2010. REUTERS/Yonhap

The government says it stands ready to take aggressive measures to stabilize markets, if there's an excessive herding behavior. Yim Jong Yong also says the government expects current impacts on the market to be temporary.

Editor:Xiong Qu |Source: CNTV.CN

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