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South Korea closely monitoring market volatility: deputy finance minister

[SEOUL] South Korea's finance ministry said on Tuesday that it is closely monitoring financial market volatility and that it would take measures if the current situation worsens.

"The government will take quick and bold market stabilisation measures if volatility in financial markets excessively rises," Deputy Finance Minister Bahng Ki Sun said in a meeting early on Tuesday.

Volatility has risen after the United States designated China a currency manipulator, which sharply weakened China's yuan. South Korea's financial markets have already been shaken by Japan's export curbs, Bahng added.

The US government has determined that China is manipulating its currency, and will engage with the International Monetary Fund to eliminate unfair competition from Beijing, US Treasury Secretary Steven Mnuchin said in a statement on Monday.