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Gold/Mining/Energy : Gold Price Monitor

GDXJ 101.44

+3.5%

Nov 12 4:00 PM EST

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To: lorne who wrote (4307)	12/15/1997 9:00:00 PM
From: lorne	Read Replies (1) of 116756

SOUTH KOREAN WON TO BE FLOATED (16-Dec-1997) A MAJOR SHIFT IN POLICY FOR SOUTH KOREA'S GOVERNMENT. SEOUL HAS DECIDED TO FLOAT THE SOUTH KOREAN WON STARTING TODAY. THE MINISTRY OF FINANCE SAYS IT'S GETTING RID OF THE 10 PERCENT DAILY TRADING BAND WHICH IT IMPOSED LAST MONTH. PRIOR TO THAT, THE WON TRADED WITHIN A 2 PERCENT BAND. THE MOVE COMES AFTER SHARP FALLS IN THE CURRENCY RECENTLY. JUST LAST WEEK, THE WON DROPPED MORE THAN 25 PERCENT AGAINST THE U-S DOLLAR. THAT MAKES IT A TOTAL OF 50 PERCENT SINCE THE BEGINNING OF THE YEAR. THE WON IS NOT FULLY-CONVERTABLE AND ONLY HAS TRADE-RELATED FOREIGN EXCHANGE DEALINGS PERMITTED. SOUTH KOREAN OFFICIALS SAY THEY'RE FLOATING THE WON AT THE REQUEST OF THE I-M-F. AND SOME ANALYSTS ARE GIVING THE MOVE A THUMBS UP, SAYING IT'LL HELP BRING SOME STABILITY TO SOUTH KOREA'S MARKETS.

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