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Biz News Korea(Eng)
FSC chief Yim vows more “resolute” actions to slow market yields following supply cutback
- Collected
- 2016.11.28
- Distributed
- 2016.11.29
- Source
- Go Direct
Yim, a nominee to deputy prime minister for economy who doubles as the financial minister, said in a financial reform committee meeting that the “volatility” in the global financial market would increase once U.S. president-elect Donald Trump acts out his economic platform championing aggressive fiscal expansion and protectionist trade to place U.S. interests first.
Bond yields have shot up and likely strengthen further upon expectations for inflationary pressure under heavy fiscal spending by the U.S. and acceleration in the rate hike campaign by the U.S. Federal Reserve, he said.
He reaffirmed commitment to see through proliferation of merit-based salary system in the private financial sector as “local financial industry has no future” if its competitiveness is not improved through reform in pay system.
He also reiterated hands-off policy on Woori Bank after it comes under ownership of oligopolistic shareholders. The bank’s government stake of 30 percent was sold off to seven buyers with each owning 4 to 6 percent stake two weeks ago.
As of 1:25 p.m. Monday, the benchmark 10-year government bond yield eased slightly at 2.150 percent, down 3 basis points from previous session after authorities announced to cut back government bond supplies to slow the strengthening in the yields. The 10-year government bond yield had been at 1.671 percent on Nov. 9 before the upset U.S. president election outcome.
By Chung Seok-woo
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]