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S KOREAN THINK TANK HEAD OPPOSES FOREIGN EXCHANGE INTERVENTION.
SEOUL, Feb 2, Asia Pulse - The head of the Korea Institute of International Economic Policy (KIEP) said today that the government should keep foreign exchange in the hands of the market.
KIEP President Ahn Choong-yong said during a radio program that "as the dollar has weakened from fiscal and current account deficits, there is pressure for strong Asian currencies, including the Chinese yuan, Korean won and Japanese yen."
The head of the state-run institute implied that the won alone cannot dodge the pressure as long as the dollar is weak overall.
"Even if the won appreciates, it is a blow to exports, which are a prop for Korean economy, and the government had better let the supply and demand of the market rule foreign exchange," Ahn said.
"Companies should shrink production costs in preparation for a strong won," Ahn said.
In an effort to prevent the won from rising further, the government recently ...
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Source: HighBeam Research, S KOREAN THINK TANK HEAD OPPOSES FOREIGN EXCHANGE INTERVENTION.