[youtube https://www.youtube.com/watch?v=dbUqSQFRKHQ&w=560&h=315]
Continued acts of retaliation from China hasdealt a punishing blow to the Korean economy.
Instability, as the won to dollar currencyexchange rate has skyrocketed on Friday.
Kim Mok-yeon tells us more.
China announced on Friday it will ban salesof all travel packages to Korea.
The announcement dealt a big blow to the Koreaneconomy as Chinese visitors make up almost 50-percent of all foreign tourists to Korea.
Following the news, the benchmark KOSPI dropped23-point-9 points or 1-point-1 percent to close at 2-thousand-78.
The local currency also took a blow, closingat 11-hundred-56 against the U.
S.
dollar, up 14-point-5 won from the previous session'sclose.
This marks the second largest increase followinga more-than 15 won hike in January.
Seoul’s foreign exchange market is alsokeeping a close eye on the possibility of a U.
S.
rate hike in March.
All eyes are now on Fed Chair Janet Yellen'sspeech scheduled for Friday, where she is expected to share her organization's economicoutlook.
Kim Mok-yeon, Arirang News.
Source: Youtube
Won-dollar rate skyrockets amid China's retaliation against THAAD
美 금리인상•中 경제보복 우려에 원/달러 환율 급등
Continued acts of retaliation from China has dealt a punishing blow to the Korean economy.
Instability, as the won to dollar currency exchange rate has skyrocketed on Friday.
Kim Mok-yeon tells us more.
China announced on Friday it will ban sales of all travel packages to Korea.
The announcement dealt a big blow to the Korean economy as Chinese visitors make up almost 50-percent of all foreign tourists to Korea.
Following the news, the benchmark KOSPI dropped 23-point-9 points or 1-point-1 percent to close at 2-thousand-78.
The local currency also took a blow, closing at 11-hundred-56 against the U.S. dollar, up 14-point-5 won from the previous session's close.
This marks the second largest increase following a more-than 15 won hike in January.
Seoul’s foreign exchange market is also keeping a close eye on the possibility of a U.S. rate hike in March.
All eyes are now on Fed Chair Janet Yellen's speech scheduled for Friday, where she is expected to share her organization's economic outlook.
Kim Mok-yeon, Arirang News.
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