FSS chief co-hosts regional meeting of regulators, top central bankers

The chief of South Korea's financial watchdog on Tuesday co-hosted a meeting of top financial regulators and central bank chiefs from the East Asia and Pacific region and discussed ways to respond to financial risks from global monetary tightening.

Lee Bok-hyun, governor of the Financial Supervisory Service (FSS), attended the Executives' Meeting of East Asia and Pacific Central Banks with the Group of Governors and Heads of Supervision (EMEAP GHOS) in Seoul, according to his office.

The meeting, also presided over by Bank of Korea Gov. Rhee Chang-yong, marked the first international gathering attended by Lee since he took office in June.

During the meeting, participants discussed major risks posed by global monetary tightening to the financial sector and policy responses to growing risks in the cryptocurrency market, the FSS said.

Lee stressed the need to discuss ways to deepen cooperation in the East Asia-Pacific region as financial risks have heightened amid global central banks' drive to raise policy rates.

The EMEAP was founded in 1991 to promote monetary cooperation and the exchange of information among the region's 11 central banks. The meeting has been held every year since it was inaugurated in 1996.

Source: Yonhap News Agency