The coming US dollar crisis Message Board

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Strategies & Market Trends : The coming US dollar crisis

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To: RockyBalboa who wrote (8950)	6/15/2008 9:00:10 AM
From: RockyBalboa	Read Replies (1) of 71403

The Korean guy is has a better idea: UPDATE: Korea Fin Min Says Manipulating FX Rate Undesirable Sun, Jun 15 2008, 10:08 GMT djnewswires.com UPDATE: Korea Fin Min Says Manipulating FX Rate Undesirable (Adds background.) JEJU, South Korea -(Dow Jones)- South Korea's finance minister Kang Man-soo said Sunday that it's "undesirable" to manipulate the foreign exchange rate. The minister said the foreign exchange rate should be determined by market forces, and any government intervention isn't desirable, according to the official, who declined to be named. However, the minister earlier conceded that the recent depreciation of the local currency is helping to push up inflation. The comment follows a series of suspected government intervention on the foreign exchange market to boost the won in an apparent attempt to curb runaway inflation. On Tuesday alone, local traders said that the South Korean authorities were suspected of selling around $500 million to boost the won. Since the new government took office in February, it has continuously expressed its concern over the current account deficit and made a number of dollar-supportive comments in the market. A weaker won makes Korea's exports more competitive. However, recent remarks also suggest that the government is becoming more concerned about the potential damage from rising prices. -By Jung-Ah Lee, Dow Jones Newswires; 822-732-2165; jung-ah.lee@dowjones.com (END) Dow Jones Newswires June 15, 2008 06:08 ET (10:08 GMT)

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