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S. Korea: Little impact from U.S. rating cut on markets

08-08-2011 08:28 BJT

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South Korea's Deputy Finance Minister Yim Jong-yong says the country does not need to respond over-sensitively to the cut in the US's credit rating because the move has only a limited effect on its markets.

"We will examine the most recent financial situation and listen to and share with each organization their opinions and check necessary countermeasures if needed."

South Korea's Deputy Finance Minister Yim Jong-yong

Yim Jong-yong hosted a meeting with senior policy-makers to discuss what actions need to be taken by Seoul. Seoul's finance ministry has said before that South Korea's economy is healthy but could still take a hit in the short term from instability in the global economy and markets.

South Korean Yonhap News quoted a government official on Sunday as saying that the country's economy is unlikely to enter panic mode despite the recent downgrading of the US credit rating and anticipated instability in the local financial market.

South Korea's Deputy Finance Minister
Yim Jong-yong says the country does not
need to respond over-sensitively to the
cut in the US's credit rating.

Editor:Li Wanran |Source: CNTV.CN

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