Rhee Chang-yong, Governor of the Bank of Korea, participates in a panel titled “How Should Central Banks Battle High Inflation?” at the 2023 Spring Meetings of the World Bank Group and the International Monetary Fund in Washington, U.S., April 14, 2023. REUTERS/Elizabeth Frantz/ File photoWASHINGTON : Bank of Korea Governor Rhee Chang-yong said on Wednesday authorities have the resources and tools to smooth out any volatile moves in the country's currency.
Receding expectations of a near-term interest rate cut by the U.S. Federal Reserve caused"a lot of headwinds" for the won, which also felt pressure from declines in the Japanese yen and the Chinese yuan, Rhee said during an International Monetary Fund panel session in Washington. "This time is a little bit different," with the dollar's rise driven more by expectations of a delay in the timing of the Fed's first rate cut, Rhee said.
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