Hong Nam-ki "China and Hong Kong Government Bond Yields Fall... Timely Implementation of Market Stabilization Measures"

[Asia Economy Reporter Jang Sehee] The government announced that it will thoroughly prepare for the possibility that financial market volatility due to the spread of Wuhan pneumonia will continue and expand for the time being. On the 28th, an emergency meeting of related ministers will be held, chaired by Deputy Prime Minister and Minister of Strategy and Finance Hong Nam-ki, to review support for quarantine budgets related to the novel coronavirus and minimize economic impact.

On the 27th, Deputy Prime Minister Hong held an emergency meeting with senior officials of the Ministry of Strategy and Finance at the Government Complex Seoul regarding the novel coronavirus, stating, "In international financial markets, risk-off sentiment is expanding, causing volatility to somewhat increase, with major countries' stock markets and government bond yields, centered on China and Hong Kong, declining."

He said, "We will closely monitor the impact on domestic and international financial markets due to the spread, and if market anxiety expands, we plan to promptly implement market stabilization measures according to the contingency plan."

He added, "Proactive measures to prevent the domestic spread of the novel coronavirus are important," and instructed to ensure sufficient budget support for this purpose.

Regarding the impact on the real economy, he pointed out, "At this point, the real economic impact of the novel coronavirus has not yet become visible," but also noted, "It is difficult to exclude the possibility of negative ripple effects on the domestic economy." He then instructed to "thoroughly review and analyze related trends."

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