South Korea has "unlimited resources" if it decides to curb the local currency's rise against the dollar which is hurting exporters, a senior government official said yesterday.
The remarks by Deputy Finance Minister Kim Sung-jin were the latest in a series of statements by financial authorities seeking to talk down the strong won.
The currency has risen nearly 10 percent against the US dollar this year, raising fear among exporters that their goods will be priced out of overseas markets.
It hit a nine-year high against the Japanese yen this month.
"The government will do its best to help stabilize the currency," Kim told a local radio program.
"Intervention in the foreign exchange market comes after consultation with the Bank of Korea. The financial resources for intervention can be considered unlimited and market players must keep this in mind," Kim said.
South Korea's fears are echoed elsewhere in Asia, with local governments increasingly concerned export-driven economies could be hit if their currencies continue to rise against the US dollar.
In Malaysia, however, the government yesterday said that it was not troubled over the rise of the country's currency, which has climbed to its highest level in nearly a decade.
Asked by reporters whether the ringgit was too strong, Malaysian Junior Finance Minister Nor Mohamed Yakcop said "not at all," adding that officials were "not worried" about the matter.
Comments from the two countries came after neighboring Thailand's central bank sought to weaken the surging baht earlier this week by announcing new rules targeted at controlling foreign investments.
Thai authorities did an about-face after the stock market was rocked by a historic plunge, lifting controls on foreign investment in stocks while keeping them on bonds.
HONG KONG SECURITY: The president blasted regulations requiring Taiwanese agents or political organizations to provide information on their Hong Kong-related activities President Tsai Ing-wen (蔡英文) yesterday warned of countermeasures should controversial Chinese national security legislation imposed on Hong Kong undermine or harm Taiwanese interests. Article 43 of the legislation empowers the Hong Kong Special Administrative Region to serve written notices to Taiwanese political organizations or individual agents to furnish information on their Hong Kong-related activities, including their personal particulars, finances, assets, expenditure and capital in the territory. Failure to comply or providing false or incomplete information can result in a fine of HK$100,000 (US$12,903) or imprisonment of six months or two years respectively. Tsai said that Taiwan would keep a close watch on how
PROBE LAUNCHED: An officer who served as a supervisor in the drill died in an apparent suicide after the accident, which was caused by unexpected waves Two marines who were on Friday injured in a military exercise in the waters off Kaohsiung passed away yesterday, Navy Command said. The marines — surnamed Tsai (蔡), 26, and a sergeant surnamed Chen (陳), 36 — were in a seven-member Marine Corps team that encountered rough seas during a simulated response to enemy forces landing on Taiwan. Their rubber craft overturned in waters off Taoziyuan (桃子園) beach in Zuoying District (左營), injuring four of the marines. They were rushed to hospital, where three of them — Tsai, Chen and a 34-year-old sergeant — were taken to an intensive care unit
MORAL COURAGE: The Ministry of Foreign Affairs urged the global community to face China’s intention to subdue Taiwan and reject such irrational requests The Ministry of Foreign Affairs yesterday strongly condemned the Chinese government for meddling with US officials’ interactions with Taiwan after FBI Director Christopher Wray revealed China’s efforts to discourage US officials from visiting Taiwan. The greatest long-term threat to the US’ information security and intellectual property, as well as its economic vitality, is China’s counterintelligence and economic espionage operations, Wray told a video event at the Hudson Institute in Washington. Beijing is engaged in a highly sophisticated and maligning foreign influence campaign, with methods that include bribery, blackmail and covert deals, he said. Giving an example, Wray said that when a US official
CAUTION: Taiwan had zero cases of death from food poisoning for six years until last year, when two people died after eating wildlife, an FDA official said The Food and Drug Administration (FDA) yesterday urged the public not to eat wildlife or unidentified wild plants, as they could be fatal, with nearly 7,000 people affected by food poisoning last year, including two deaths due to wildlife consumption. The number of food poisoning incidents increased by nearly 50 percent last year, from 398 cases involving 4,616 people in the previous year to 503 cases involving 6,944 people, FDA data showed. That figure was the second-highest in history, the FDA said, adding that the highest number was recorded in 1997, with 7,235 people. Among the 503 cases, 87 were food poisoning clusters