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South Korea Issues Rare Warning on Currency Surge

Posted on 03 July 2014

South Korea’s financial authorities issued a rare warning on Wednesday about the surging Korean currency as the won hit a six-year high against the dollar, which threatens to erode the nation’s export competitiveness. The won has risen about 10% in the past year and is the best-performing Asian currency of 2014.
In a joint message, the Bank of Korea and the finance ministry said they were concerned “about the possibility of overly one-sided moves among market participants,” adding that financial authorities were watching for any unusual trading patterns. The joint warning—the first in eight months—put traders on watch for possible won-weakening intervention by the central bank………………………………………..Full Article: Source


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