Financial authorities on alert for 'worst-case' scenario

A top South Korean financial regulator on Thursday called for painstaking preparations for measures against a host of risks, saying the authorities don't rule out the possibility of a "worst-case" scenario, according to the Yonhap.

Jeong Eun-bo, vice chairman of the Financial Services Commission, speaks at a meeting on South Korea's financial market in Seoul on Dec. 22, 2016. (Yonhap)

Presiding over an emergency meeting on financial market situations, Jeong Eun-bo, vice chairman of the Financial Services Commission (FSC), cited the pace of the U.S. interest rate hike, the incoming U.S. administration's policy direction, the Brexit-related situation, instability in China's foreign exchange market and European banks' troubles.

"Recently, South Korea's financial market has not been swayed a lot. But as internal and external risk factors lurk in the market, it's necessary for all financial circles to be vigilant and review such risks and respond in a pre-emptive manner," he said during the session joined by senior officials at the Financial Supervisory Service.

He stressed that the "worst-case scenario should be considered," adding the authorities are monitoring the market trend at home and abroad around the clock.

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