(Bloomberg) -- South Korea's won slumped in the week, the biggest drop since August, after the government and central bank yesterday jointly said they will take action to stem gains if needed. Bonds dropped on better prospects for the economy.
The won has slumped more than 1 percent since Ahn Byung Chan, the central bank's top currency official, said May 16 the won is ``highly overvalued'' and Korea will respond to speculation. This quarter's 0.8 percent rise in the exchange rate versus a 2.9 percent fall in the yen, may hurt exports, which account for 40 percent of South Korea's economy.
Read more at Bloomberg Currencies News
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