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S. Korea reaffirms faith in U.S. Treasuries

08-08-2011 14:38 BJT

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While the US credit rating cut has been seen as bad news for global markets, South Korea has played down any likely impact on its economy. The country reaffirmed its faith in US Treasuries, despite the country's stock index taking a dive last week.

South Korea's Deputy Finance Minister convened a meeting on Sunday with senior policy-makers from the Bank of Korea, Financial Services Commission and Financial Supervisory Service to discuss what actions need to be taken.

Yim Jong-yong, S. Korean Deputy Finance Minister said, "Instability of the world markets has a limited effect on our markets. We believe our financial markets do not need to respond over sensitively."

South Korea's Deputy Finance Minister Yim Jong-yong

Yim insists the South Korean economy remains healthy, but warned it could still take a short-term hit from instability in the global economy and markets.

Yim said, "We will examine recent financial developments. We will also listen to and share with each organization opinions and check necessary countermeasures if needed."

The ministry said the US rating cut would not derail the current growth pattern in the export-led economy.

It also added that South Korea's trust in US treasuries has not changed, citing that there's no alternative to the bonds that provide such stability and liquidity.

The country reaffirmed its faith in US
Treasuries, despite the country's stock
index taking a dive last week.

Editor:Li Wanran |Source: CNTV.CN

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