Bank of Korea governor Lee Ju-yeol said the economy will likely shrink less than expected this year despite the worsening pandemic, though he issued a warning over rapid won gains that could undermine the pace of recovery. “The negative impact from the resurgence of the virus is still big, but exports will likely outweigh that,” Lee said at a briefing after the central bank board held the seven-day repurchase rate at 0.5% yesterday and upgraded its growth forecasts. While taking a cautiously optimistic view on the strength of the recovery, Lee said the central bank stood ready to step in and stabilise currency markets if any herd-like behaviour forced sharp moves in the won. He noted that t
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