SOUTH KOREA | Government Holds Talks With Exporters on Exchange-Rate Stability

According to Jin10, South Korea's government said it held a roundtable with major export companies to discuss stabilizing the exchange rate through closer government-business cooperation. According to Jin10, Second Vice Minister of Economy and Finance Heo Jang met in Seoul on July 21 with Samsung Electronics, SK Hynix, Hyundai Motor, Kia, HD Korea Shipbuilding & Marine Engineering, Hanwha Ocean and Samsung Heavy Industries. Heo said the won had at one point weakened to around 1,550 per dollar before the June meeting with exporters, but it has recently eased to the 1,400 won range as exporters increased foreign-exchange settlement, shipbuilders sold more forward foreign exchange, and funds flowed in from SK Hynix's ADR issuance. He said South Korea's foreign-exchange supply and demand is expected to improve further in the second half as semiconductor exports continue to strengthen. Companies at the meeting said they would further cooperate with the government to stabilize foreign-exchange supply and demand and help keep the market stable.