Korea ruling party's representative "concludes currency swap before spread to currency crisis"
South Korean government, 'foreign currency safety valve'
Korea U.S. currency swap re-promoted for the first time in 10 years
2020/03/17
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He stressed the conclusion of a currency swap at the Supreme Committee meeting held on August 18.
李海瓚（I Haechan、이해찬） at the conference
Wuhan Pneumonia Virus (Corona 19) Infections
"Fortunately, the revised budget passed yesterday,
Compared to the 2008 financial crisis, the response to the crisis is still not enough. "
Pointed out.
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`` Conclusion of currency swap before financial market concerns spread to currency crisis
We have to deal with preemptive measures like that. ''
"It is an emergency period for the Korean nation, which is in line with national difficulties.
It is necessary to closely monitor the situation after the supplementary budget and consider special economic measures. ''
Insisted.
Prior to this, both belonged to the Democratic Party
李洛淵（Lee Nak-yeon,이낙연）
Former prime minister on Wednesday related to Wuhan pneumonia virus (Corona 19)
“Toward the stability of the currency market,
The government has also proposed to actively enter into currency swaps. "
"Harder than the currency crisis"
Cut out even the ruling party " G20 and call swap" card
https://www.mi.kr/news/articleView.html?idxno=691669
[ Daily Daily ] Reporter Park Ji-min 2020.03.1613: 41
Diagnosis of "Possibility to spread longer than in the foreign exchange crisis"
Six countries such as the US, Japan and Europe have already expanded their currency swaps
On the morning of the 16th , held in Seoul, 汝矣島（Yeouido）
Democrats at Wuhan Pneumonia Virus (Corona 19) Infectious Diseases Overcoming Committee Meeting
李洛淵（Lee Nak-yeon,이낙연） the chairman, is speaking.
Photo = Yonhap News
The ruling Democratic Party joins the government
We have decided to propose a call swap with 20 major countries / regions ( G20 ).
US Federal Reserve ( FRB ), Japanese Bank ( BOJ ), European Central Bank ( ECB ),
Bank of England, Bank of Canada, Central Bank of Switzerland
Six Central Banks Worldwide Will Expand Dollar Currency Swap
It was a decision that came out immediately after the agreement.
A currency swap between nations is a system of lending dollars between nations in preparation for a currency crisis.
The ruling leaders recognize that the danger of the Wuhan pneumonia virus (Corona 19) is so serious.李洛淵（Lee Nak-yeon,이낙연）Democrat Chairman, overcoming Corona 19 national difficulty, said, "The hardships ahead of us in Korea now may be longer than the IMF foreign exchange crisis."
Democrats propose government currency swap
Wuhan Pneumonia virus (Corona 19) I came out at a meeting of the National Overcoming Commission.
Chairman 李洛淵（Lee Nak-yeon,이낙연） gave a briefing at the meeting
"In connection with this Wuhan Pneumonia Virus (Corona 19) 9 situation,
He diagnosed the global economy as experiencing an unprecedented compound crisis. ''
"Because it is an unprecedented compound crisis,
`` We've heard the need for a great deal that hasn't been tried in the past. ''
he told.
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"This allows the Democratic Party to have fiscal, financial, currency, and consumer
I decided to talk much more closely with it. ''
Calls with G20 countries to stabilize the currency market
We also offered to the government a proposal to actively enter into swaps. ''
he told.
Prior to this, Chairman 李洛淵（Lee Nak-yeon,이낙연said at the beginning of the meeting
"Now, the hardship we put in front of Korea
May spread longer than the IMF foreign exchange crisis. ''
he expected.
He
"Wuhan Pneumonia Virus (Corona 19) Has spread to 135 countries around the world. ''
As " IMF Forex Crisis, we South Korea, experienced
But the current crisis involves us in Korea
All countries of the world are experiencing together.
Korea, which is highly dependent on exports,
It can be much more painful now. ''
The Korean government also responded `` quickly to the concerns of the foreign exchange market '' ▮
The current Democratic Party's crisis awareness and diagnosis implies the expression "multiple crisis."
It is not a simple financial crisis, but a real economic crisis.
The global financial crisis in 2008 is a different dimension.
Some argue that it must be compared to the Great Depression of 1929 .
On this day, 金容範（Kim Yongbeom,김용범）
In the seat that presided over the macro financial economy conference,
"By limiting the movement of people and material by placing social distance,
Global supply chain ( GVC ) disruption, demand erosion
The impact on the supply and demand side of the real economy such as the state is also greatly displayed. ''
These factors act in a complex way, and the fluctuations are also amplified in international financial markets. ''
Was diagnosed.
With it
"Assuming a complex crisis situation that we have not experienced before,
Conducted stress tests on the financial system and foreign exchange sector,
We will check policy measures thoroughly. ''
And
Under Secretary 金容範（Kim Yongbeom,김용범）
"The liquidity of the dollar will be enough to show signs of a global mixed crisis,
Forex market stability is very important. ''
"The government has decided to stabilize the foreign currency fund market, including the swap market with related organizations.
While further checking and managing foreign currency liquidity,
Preemptive measures to respond to changes in the market environment,
We will take appropriate measures such as liquidity supply as necessary. ''
And
Under Secretary 金容範（Kim Yongbeom,김용범）
`` Speculative trading taking advantage of market anxiety in the foreign exchange market
In order to avoid a one-way bias in the exchange rate,
Implement market stability measures promptly and resolutely "
And
"New Deal" Discussion on the Possibility of Corporate Chain Bankruptcy▮
On the other hand, according to the chairman,
He was a member of the ruling party at this day's meeting
Congressman 崔運烈(Choeun-yeol,최운열)
Takes up the possibility of chain bankruptcy of companies, before the crisis comes
It is said that the Korean government has requested it.
In connection with this, 李洛淵（Lee Nak-yeon,이낙연）,
To the Korean government and local governments,
"Tax, loan repayment, traffic penalties, etc.
Some administrative actions at least Wuhan Pneumonia virus (Corona 19)I want grace or alleviation only during the event. ''
"As we cross this valley of hardship together,
I want to do everything the Korean and local governments can do. ''
And
"I would like to see more in the party talks on Wednesday ( 18th ) morning."
And
Party leader李海瓚（IHaechan、이해찬）
"Wuhan Pneumonia Virus (Corona 19) Exceeds Supplementary Budget
When Wuhan Pneumonia Virus (Corona 19) Needs New Deal "
"Even if cash support is difficult, tax payment deferral
Consider expanding such support measures nationwide. ''