MOSCOW, (Sputnik) — South Korea’s won has been declining steadily against the US dollar, reaching a five-year low of 1,213.4 won to $1 on Thursday, amid China's economic slowdown and the devaluation of its national currency.
Earlier in the day, the Bank of Korea lowered its economic growth forecast for 2016 to 3 percent.
"The foreign exchange rate is determined by the market. This is the principle. If there is a radical change, however, we can move swiftly and firmly to deal with it," Yoo, who took office on Wednesday, said, as quoted by the Yonhap news agency.
However, according to Yoo, the time has not yet come to intervene in the currency market, the agency reported.
The new minister also expressed determination to adhere to the government's economic growth target of 3.1 percent for 2016.
