Economics
South Korea Holds Emergency Meeting on Startling Currency Drop
- Authorities to hold meeting to discuss market distortions
- Won fell more than 2% this month as trade war worsens
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South Korea warned traders that the won’s recent decline is excessive, becoming the latest Asian central bank to step up defense of its currency as the U.S.-China trade war took a toll.
The authorities will hold a meeting soon to discuss trading that has distorted the currency market, according to a finance ministry official who asked not to be named citing policy. The currency has dropped too rapidly in a short period of time, and its weakness is excessive compared to fundamentals, said a Bank of Korea official.