Foreign Exchange Authorities Net Sold $6.885 Billion to Counter Exchange Rate Rise in Q4 Last Year

[Asia Economy Reporter Seo So-jeong] The Bank of Korea announced on the 31st that the foreign exchange authorities net sold $6.885 billion in the foreign exchange market in the fourth quarter of last year to stabilize the market.

A Bank of Korea official said, "In the fourth quarter of last year, concerns about inflation, the U.S. Federal Reserve's tapering (reduction of asset purchases), and the credit risk of China's Evergrande Group emerged, causing the won-dollar exchange rate to reach its highest level of the year in October," adding, "The authorities intervened to stabilize the market."