韩国央行行长称韩元走软会导致通胀和不平等危机

Core Viewpoint - The current exchange rate of the Korean won against the US dollar is not a traditional financial crisis, but it can be considered a crisis due to its significant impact on inflation and social inequality [1][3]. Group 1: Economic Impact - The Bank of Korea Governor Lee Chang-yong stated that the imbalance in foreign exchange supply and demand is the main reason for the weakening of the won [1][3]. - The current exchange rate level is unsatisfactory, especially considering concerns about the polarization of economic growth [1][3]. Group 2: Foreign Investment and Market Stability - Korean investors are heavily investing overseas, while foreign investors have been selling Korean stocks following recent price increases, causing the won to hover below 1450 won per dollar [1][3]. - The Korean government has committed to taking appropriate measures to ensure market stability, including extending the foreign exchange swap agreement with the National Pension Service (NPS) for one year [1][3]. Group 3: NPS and Currency Hedging - Lee emphasized that the NPS should not be overly transparent regarding the timing of initiating or suspending currency hedging, suggesting it is time to manage overseas investments while considering their macroeconomic spillover effects [2][4]. - A four-party consultative body has been formed, including the Ministry of Finance, the Bank of Korea, the NPS, and the Ministry of Welfare, to design a new framework that aligns NPS investment returns with market stability [2][4]. - The NPS has indicated it will adopt a more flexible approach to strategic currency hedging rather than being overly transparent, which is seen as a significant advancement [2][4].