South Korea’s Lee Says FX Swap Needed for US Investment: Reuters

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world
Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world
South Korean President Lee Jae Myung said a currency swap agreement is necessary to avoid an economic crisis that would otherwise arise from meeting the pledge to invest $350 billion in the US, Reuters reportedBloomberg Terminal.
“Without a currency swap, if we were to withdraw $350 billion in the manner that the U.S. is demanding and to invest this all in cash in the U.S., South Korea would face a situation as it had in the 1997 financial crisis,” Reuters quoted Lee as saying in an interview.