Jawboning the Won: Decoding Comments by Korean Policy Makers
- Won falls to five-year low as China's woes hit South Korea
- Currency has dropped about 3% this month, the most in Asia
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As the South Korean won trades near a five-year low against the dollar amid increased uncertainty in China and the slump in global financial markets, policy makers have stepped up their commentary on foreign exchange.
While Bank of Korea Governor Lee Ju Yeol has acknowledged weakness in the won is “inevitable” given that China is the nation’s biggest trading partner, officials are on guard against rapid moves in the currency.