Financial Supervisory Service: "Wuhan Pneumonia Financial Market Shock Will Not Prolong"

[Asia Economy Reporter Kim Hyo-jin] On the 30th, the Financial Supervisory Service (FSS) stated regarding concerns over financial market damage due to the spread of the novel coronavirus infection (Wuhan pneumonia), "The majority view is that the negative impact will not be prolonged."

The FSS expressed this position based on discussions at the financial situation review meeting held that day, chaired by Senior Deputy Governor Yoo Gwang-yeol.

The FSS made this assessment based on past precedents where financial markets converged to fundamentals after uncertainties related to epidemics were resolved, and the comprehensive strengthening of responses by countries including China.

Senior Deputy Governor Yoo pointed out that since Wuhan pneumonia has emerged as a new threat factor to the market, short-term volatility is a concern, and external political and geopolitical issues such as Middle East instability have not been completely resolved. He instructed, "The market-related departments should continuously monitor the situation's progress and financial market trends in coordination with overseas offices."

Senior Deputy Governor Yoo also requested, "Since many of our financial companies have entered China, please thoroughly understand the business and response status of branches located in China through the FSS Beijing office and the domestic headquarters of financial companies operating in China, and do your best to ensure the safety of branches, resident employees, and their families in China."

This content was produced with the assistance of AI translation services.