The current U.S. financial shock will pose short-term downside risk to South Korea's financial market, South Korean Finance Minister Kang Man-soo said Wednesday.
"In the short term, a contraction in the local financial market is expected," Kang said at the National Assembly, stressing that the government will do its best to secure market stabilization "with close cooperation with related agencies."
Kang said that the Bank of America (BOA)'s takeover of Merrill Lynch will help remove market uncertainty to some extent but it will keep weighing down the overall financial market here in the short term.
South Korea has enough foreign reserves to cope with shocks emanating from the U.S. financial fiasco, he said.
Source: Xinhua
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