On December 3, 2024, news of South Korean President Yoon Seok-yeol’s speech on emergency martial law was broadcast on the TV screen in Goyang City, northwest of Seoul.
Jung Yeon-je | AFP | Getty Images
South Korea won The exchange rate fell sharply against the U.S. dollar on Tuesday, shortly after President Yun Seok-yeol declared a state of emergency.
this Dollar The latest news shows that the exchange rate of RMB against South Korean won rose by 1.4%, hitting a two-year low.
Affected by this news, the MSCI Korea ETF fell more than 4%, hitting a 52-week low, and the Franklin FTSE Korea Index fell 3%.
U.S.-listed shares of South Korean companies also fell. shares Cupang KT Corp and Posco Holdings both fell around 6%, while KT Corp and KB Financial fell 3% and 1% respectively.
Speaking at an unannounced televised briefing, South Korea’s Yoon accused opposition lawmakers of taking control of parliament and plunging the country into a political crisis.
It is unclear how the emergency measures will affect the country’s governance and democracy in the coming weeks.
Yoon took office in May 2022, shortly after winning the presidential election by the narrowest margin in South Korea’s history.
His foreign policy stance has centered on taking a tough stance on North Korea while seeking to strengthen ties with the United States and Japan.
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