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South Korea Currency

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BUSINESS
September 23, 1987 | SAM JAMESON, Times Staff Writer
The worst labor strife in South Korea's history drove down the flow of exports by $772 million in August, an 18.5% decline from July, the Bank of Korea disclosed Tuesday. Overseas sales after strikes began to sweep the country in July still registered a 20.3% gain, compared to August, 1986. The $4-billion trade surplus for the first eight months remained 35.2% above the same period the year before, the bank reported. A surplus in current accounts also plummeted to $468 million in August from $1.
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BUSINESS
September 13, 1998 | EVELYN IRITANI, TIMES STAFF WRITER
Another month of plunging overseas sales has dashed South Korea's hopes for an export-led recovery and cast more doubt on the widely held notion that the sharp devaluation of Asia's currencies will translate into an export boom. In spite of a weakened currency that has lowered production costs, South Korean manufacturers are trapped in a crippling downward spiral of depressed sales and escalating debts at home and shrinking markets and stepped-up competition abroad.
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NEWS
November 30, 1997
A country-by-country look at the economic crisis that has swept Asia, and the challenges nations face in restoring growth. (Stock market and currency changes are since Jan. 1. Currency changes versus U.S. dollar). THAILAND * Currency decline: -36% * Stock market decline: -52% * Population: 60 million. During the export boom of the early-90s, Thai banks flush with cheap foreign capital lent heavily to domestic borrowers, fueling a real estate bubble. Imports surged.
NEWS
December 25, 1997 | ART PINE, TIMES STAFF WRITER
The world's major industrial nations, pressed to act faster to alleviate South Korea's deepening financial crisis, announced Wednesday that they will speed up about $10 billion in already promised loans to help stabilize the country's financial markets and stem the outflow of dollars. The move came as the Japanese government also announced new steps to stabilize the ailing Japanese banking system.
BUSINESS
December 23, 1997 | DAVID HOLLEY, TIMES STAFF WRITER
The South Korean stock market and currency both plunged in early trading today after prominent credit-rating services downgraded South Korean bonds to junk status. The mood of financial crisis also deepened in Tokyo, as stock prices tumbled again. The bond downgrades--by Moody's Investors Service on Monday and by Standard & Poor's Corp. today--sent the South Korean won plunging 9% on Monday and another 12% by midday today, to a record low of 1,995 won to the dollar.
NEWS
November 21, 1997 | DAVID HOLLEY, TIMES STAFF WRITER
Crisis-ridden South Korea decided today to seek an International Monetary Fund bailout package of about $60 billion, the largest such rescue in history. "We have decided to request IMF assistance," Yoon Jeung Hyun, an assistant deputy finance minister, told reporters. "We are discussing the size and conditions of such loans." President Kim Young Sam is expected to explain the decision in a national address Saturday.
BUSINESS
May 21, 1990 | MOON IHLWAN, REUTERS
A weak yen is deepening the slump that South Korean car makers have found themselves in because of a drop in exports, but industry and government officials are determined to get the industry back on track. "Despite the problems we have, car manufacturing should play a major role in creating jobs and gross national product in the future," said Nam Chung-woo, director of the Trade Ministry's Transportation Machinery Division. "We learn from errors.
BUSINESS
November 27, 1995 | Times Staff and Wire Reports
Control on Foreign Exchange Rate to Be Eased: The Ministry of Finance and Economy said in a report that the government-set ceiling on daily fluctuations of the U.S. dollar exchange rate against the won will widen to 2.25% of the day's central rate from Dec. 1. The current limit restricts movements to within 1.5% of the rate. The change will let market forces have more influence in determining the exchange rate, the ministry said.
BUSINESS
October 25, 1988 | ART PINE, Times Staff Writer
The Reagan Administration charged Monday that South Korea and Taiwan have been "manipulating" their exchange rates to gain an unfair advantage in their trade with the United States and said it will seek negotiations with both to bring their currencies in line. In a formal report to Congress, Treasury Secretary Nicholas F.
NEWS
April 18, 1987 | United Press International
Commerce Secretary Malcolm Baldrige left Washington on Friday for a two-week trip to Asia, where he intends to tell South Korea that it should raise the value of its currency, the won, against the dollar, a spokesman said. B. Jay Cooper, a spokesman for Baldrige, said Friday that the secretary had left a day earlier than planned and that the rest of his delegation still plans to leave today.
BUSINESS
December 23, 1997 | DAVID HOLLEY, TIMES STAFF WRITER
The South Korean stock market and currency both plunged in early trading today after prominent credit-rating services downgraded South Korean bonds to junk status. The mood of financial crisis also deepened in Tokyo, as stock prices tumbled again. The bond downgrades--by Moody's Investors Service on Monday and by Standard & Poor's Corp. today--sent the South Korean won plunging 9% on Monday and another 12% by midday today, to a record low of 1,995 won to the dollar.
BUSINESS
December 16, 1997 | SONNI EFRON and DAVID HOLLEY, TIMES STAFF WRITERS
Emboldened by signs that its currency may have hit bottom, South Korea scrapped controls on it starting today, allowing the much-weakened won to trade freely. The unexpected action and other market-liberalization moves, including an invitation to foreign investors to buy control of one of the nation's major banks, cheered investors and sent both the won and the stock market soaring in early trading today.
NEWS
November 30, 1997
A country-by-country look at the economic crisis that has swept Asia, and the challenges nations face in restoring growth. (Stock market and currency changes are since Jan. 1. Currency changes versus U.S. dollar). THAILAND * Currency decline: -36% * Stock market decline: -52% * Population: 60 million. During the export boom of the early-90s, Thai banks flush with cheap foreign capital lent heavily to domestic borrowers, fueling a real estate bubble. Imports surged.
NEWS
November 21, 1997 | DAVID HOLLEY, TIMES STAFF WRITER
Crisis-ridden South Korea decided today to seek an International Monetary Fund bailout package of about $60 billion, the largest such rescue in history. "We have decided to request IMF assistance," Yoon Jeung Hyun, an assistant deputy finance minister, told reporters. "We are discussing the size and conditions of such loans." President Kim Young Sam is expected to explain the decision in a national address Saturday.
BUSINESS
November 27, 1995 | Times Staff and Wire Reports
Control on Foreign Exchange Rate to Be Eased: The Ministry of Finance and Economy said in a report that the government-set ceiling on daily fluctuations of the U.S. dollar exchange rate against the won will widen to 2.25% of the day's central rate from Dec. 1. The current limit restricts movements to within 1.5% of the rate. The change will let market forces have more influence in determining the exchange rate, the ministry said.
BUSINESS
May 21, 1990 | MOON IHLWAN, REUTERS
A weak yen is deepening the slump that South Korean car makers have found themselves in because of a drop in exports, but industry and government officials are determined to get the industry back on track. "Despite the problems we have, car manufacturing should play a major role in creating jobs and gross national product in the future," said Nam Chung-woo, director of the Trade Ministry's Transportation Machinery Division. "We learn from errors.
NEWS
February 21, 1989 | JIM MANN, Times Staff Writer
President Bush is making plans to meet Fang Lizhi, China's most prominent human rights activist and an outspoken critic of the Chinese Communist Party, during his visit to Beijing this weekend, according to sources familiar with the White House planning. The meeting would mark the first time on any White House trip to Beijing that a President has met with a Chinese dissident. Fang, 52, an internationally recognized astrophysicist, has often been compared to longtime Soviet dissident Andrei D.
NEWS
February 21, 1989 | JIM MANN, Times Staff Writer
President Bush is making plans to meet Fang Lizhi, China's most prominent human rights activist and an outspoken critic of the Chinese Communist Party, during his visit to Beijing this weekend, according to sources familiar with the White House planning. The meeting would mark the first time on any White House trip to Beijing that a President has met with a Chinese dissident. Fang, 52, an internationally recognized astrophysicist, has often been compared to longtime Soviet dissident Andrei D.
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