New York Stock Market Plummets... Bank of Korea Monetary and Financial Countermeasures Team Meeting

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Eunbyeol Kim] On the 27th (local time), as the Dow Jones Industrial Average recorded the largest drop in its 130-year history on the New York Stock Exchange, the Bank of Korea held a meeting to assess the market impact.

On the 28th at 8:30 a.m., the Bank of Korea announced that it held a 'Monetary and Financial Countermeasures Meeting' chaired by Deputy Governor Yoo Sang-dae to examine the background of the sharp declines in major countries including the United States and to assess the impact on the domestic financial and foreign exchange markets.

The meeting was attended by Deputy Governor Yoo, Deputy Governor Park Jong-seok, Director of the Financial Market Bureau Kim Hyun-ki, Director of the International Bureau Yang Seok-jun, Public Relations Officer Park Young-chul, and Head of Investment Management Department Jeong Seong-ho.

On that day, the KOSPI index opened at 2020.17, down 34.72 points (1.69%) as concerns over the global spread of the novel coronavirus infection (COVID-19) intensified. In the Seoul foreign exchange market, the won-dollar exchange rate opened at 1,215.0 won, down 2.2 won from the previous day.