March 19, 2020 / 12:18 AM / in 22 days

S.Korea warns of global credit crunch, will support dollar funding needs

SEOUL, March 19 (Reuters) - South Korea’s vice finance minister on Thursday said the government is preparing for a possible global credit crunch due to the disruptions caused by the coronavirus pandemic and vowed to deploy market stabilizing measures in a timely manner.

“It isn’t just an issue for us (Korea) but foreign investment from equity are flowing out of the country across emerging markets and are adding pressures to stocks and FX markets,” Kim Yong-beom said in a policy meeting.

Kim said the government will support dollar funding needs of local companies, and may inject funds into local bond market if needed.

Reporting by Cynthia Kim Editing by Shri Navaratnam

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