South Korea ratchets up FX warnings as won weakens
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South Korean officials issued warnings against speculative moves in the won as it hit a 16-year low against the dollar. The finance ministry will loosen currency forward caps on some banks to supply more dollars in the market. Finance Minister Koo Yoon-cheol expressed concern over foreign exchange market volatility and emphasized the need to monitor U.S.-Japan monetary policy impacts. The won has declined 8% against the dollar in six months. The cap for Standard Chartered Bank Korea and Citibank Korea will be loosened to 200%.
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