In preparation for withdrawal of foreign funds,
Is the dark cloud of the global economic crisis rushing ?
Shaking world economy ! Prof. An Yu Hwa ( integrated flight ) |
2020/02/29
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The Federal Reserve ( Fed ) on Tuesday said zero interest rates and quantitative easing,
We have taken urgent measures to reduce currency swap interest rates.
If zero interest rates and quantitative easing are domestic measures primarily targeting U.S. companies and financial markets,
Currency swap interest rate reduction
It is an overseas measure that will make it easier for major economic allies to raise dollars.
However, South Korea does not have a currency swap agreement with the Fed
The benefits are difficult to receive.
Fed signs currency swap agreement on the same day
Against the Central Bank of the European Union ( EU ), the United Kingdom, Canada and Switzerland
He said the swap rate would be reduced by 0.25 %.
A currency swap, like using overdraft,
It is a system that allows countries that have signed an agreement with the United States to withdraw and use the dollar at any time.
The Fed not only lends dollars to currency swap countries at low interest rates,
We decided to extend the flexibility period.
Experts
"U.S.-Japan to prevent financial and currency market crises
A currency swap agreement should be concluded promptly with such companies. ''
Pointed out.
NEAR Foundation Chairman 鄭徳亀（Jeongdeok-gu,정덕구）
(Former Minister of Industry and Resources)
"U.S. cuts interest rates sharply, no foreign funds are expected to be raised for the foreseeable future
But if the Wuhan pneumonia virus spreads further and the Chinese economy lands hard,
Korea could be a big crisis. ''
"If that happens, a lot of foreign investment money will leak out"
I was concerned.
鄭徳亀（Jeongdeok-gu,정덕구）
"If you hurry now,
We can enter into the largest currency swap agreements with the United States and others. ''
He said.
South Korea's won price falls to $ 1 = 1500 won due to Lehman shock
Anxiety from the currency crisis has peaked
In October 2008 , a $ 30 billion US-US currency swap agreement was signed to get over the mountain.
However, the agreement was not extended and ended in February 2010.
Has played a role as a “breakwater” with the Korean US currency swap
The Korea-Japan Currency Swap Agreement also ended in 2015.
What if financial uncertainty is prolonged due to the Wuhan pneumonia virus ?
The last safety valve to equip is gone.
The Wall Street Journal ( WSJ ) is a recent editorial,
"For the stability of financial markets,
Fed is Australia, Korea, China, Taiwan, Hong Kong
You should enter into a currency swap agreement with others. ''
Insisted.
「WSJ-FRB-ForeignCentralBankForeignExchangeSwap1
WSJ "FRB는 외국 중앙 은행과 통화 스왑 연장을"
Authorities such as the Korea Ministry of Planning and Finance and the Bank of Korea have agreed on currency swap agreements.
"We are working to strengthen the financial safety net."
And commented.
Ann Joon-hyun, reporter
Chosun Ilbo / Chosun Ilbo Japanese edition
Recent exchange rates where the won is depreciating
Won market 1 dollar = won