속절없이 무너지는 엔•위안...아시아 외환위기 경고음 잇따라
With the South Korean won, the Japanese yen and the Chinese yuan depreciating heavily against the U.S. dollar in recent months,... experts are increasingly warning of a potential foreign exchange market crisis in Northeast Asia.
Lee Seung-jae reports.
Two of Asia's major currencies are seeing some of the most significant declines against the U.S. dollar in years,... if not decades.
The Chinese yuan, which is considered Asia's key currency, recently fell to around 7-point-27 yuan against the greenback,... the lowest in 14 years,... since the 2008 global financial crisis.
Another of Asia's key currencies,... the Japanese yen,... saw its value cross the 150 yen level for the first time in 32 years.
With the two major Asian currencies falling helplessly in value,... it raises major concerns about capital outflows from Asia as well as the possibility of a region-wide financial crisis.
In addition,... the falling value of the currencies from the two economic giants,... is also putting downward pressure on other Asian currencies, including the Korean won.
Some experts say key Asian currencies are plummeting due to fears of worsening inflation, soaring interest rates, and a possible economic recession.
However,... for the most part,... analysts say the cause is the continuous rate hikes by the U.S. Fed,... with the central banks in Asia unable to keep up with the pace.
Pessimists predict that if the yen and the yuan continue to fall in this way,... the result could be reminiscent of the 1997-1998 Asian financial crisis,... which saw South Korea seek a massive rescue package from the International Monetary Fund.
Lee Seung-jae, Arirang News.
#Asian_currency #Economy #Arirang_New
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2022-10-21, 11:00 (KST)
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