S. Korea to Prepare for Possible Market Intervention in Light of China’s Property Crisis


SEOUL, Aug. 20 (Yonhap) — South Korea’s finance ministry stated Sunday that it will take steps to stabilize the market if needed in response to the increasing worries over the effects of China’s property market troubles.

Finance Minister Choo Kyung-ho met with Bank of Korea Governor Rhee Chang-yong and other financial authorities’ top executives earlier in the day to discuss global uncertainties, such as the rising volatility in the U.S. bond market, according to the Ministry of Economy and Finance.

The main policymakers promised to take action to secure the market if necessary while keeping a close watch on related conditions around the clock, the finance ministry said.

The ministry also pointed out that South Korean banks’ exposure to China’s real estate crisis was estimated at 400 billion won (US$297 million).

China’s property giant Evergrande Group filed for bankruptcy in the U.S. last week, with another major player Country Garden having debt issues.

Finance Minister Choo Kyung-ho (C) speaks during a meeting with financial officials held in Seoul on Aug. 20, 2023, in this photo released by the Ministry of Economy and Finance. (PHOTO NOT FOR SALE) (Yonhap)


You might also like
Open chat
Need help?
Scan the code
Hello 👋
Can we help you?

Mark Silaev
Glosema Account Manager