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Section: General News - The chief of South Korea's central bank on Wednesday stressed the need to draw up policy options to ease excessive cross-border capital flows so as to sustain stable growth.
"Sound macroeconomic policies are the first line of defense in reducing countries' vulnerability to external shocks," Bank of Korea (BOK) Gov. Kim Choong-soo, said in a keynote speech for a seminar.
Kim said to this end, accumulation of short-term external debts or lack of foreign reserves should be resolved to preemptively cope with a financial crisis, and over the long haul, countries need to develop foreign exchange markets to ensure that foreign exchange rates will not …