FSC Press Release_ November 20th

Financial Institutions’ FX Soundness and Strengthened Supervision

The soundness of domestic financial institutions’ foreign-exchange management recovered to pre-crisis levels on the strength of the government’s countermeasures and the voluntary efforts of institutions. But insofar as the weak links in their FX management became apparent during the crisis, the need has grown to fine-tune related systems to prevent a crisis relapse even while steps continue to be taken to improve FX soundness.

*Please read the attached file for details.

Financial Institutions’ FX Soundness and Strengthened Supervision

Press Coverage – November 11th

Business Week Senior reporter, Rupert Walker sees Korean economy impressive rebound

 

Korea shows remarkable resilience: Rupert Walker

  

Thanks to the governments’ pre-emptive actions against global financial crisis and strong corporate earnings, Korea is seen to be now bottoming out of from global gloom. A senior reporter of Business Week, Rupert Walker said Asia’s fourth largest economy has impressed many investors by its surprising rebound, especially compared with its regional peers. The Government-led stimulus package, equivalent to 3.6% of GDP this year,helped to minimise economic contraction in economic growth. And fiscal measure for local economy will be maintained next year, said Ministry of strategy and finance, Yoon Jeung-hyun said late September. Sean Darby, a strategist at Nomura, suggested that Korea is enjoying its first self-sustaining recovery having seen Korean economy system is undergoing a structural change.   See more from www.businessweek.com

  

Press Coverage – November 12th

Distinguished professor at Harvard’s Kennedy School of Government, Joseph Nye talks about South Korea’s future direction lies ahead

 

‘Small Nation with an ever-growing voice:  Joseph Nye’

South Korea has turned into an important middle-ranking power in global affairs.  World sees Korea discount now changing to  Korea premium. Having seen South Korea as the 13th national power country amongst G-20 evaluated by the Hansun Foundation, Not just hard power, soft power also has been being improved.  Professor Joseph emphasized the importance of strengthening soft power. He said now it’s time for Korea to jump up with more strengthened sophisticated and efficient soft power, such as ODA or successful democratic political system, etc.     See more from scmp.com