South Korea's National Pension Service (NPS), manager of the world's third-largest public pension fund, will collaborate with foreign exchange authorities when needed to help stabilise the market, its chairman told Reuters.
"We have our own target rate for foreign exchange that we can endure," Kim said.
Regarding the possible re-launch of the foreign exchange swap arrangement with the Bank of Korea, Kim said it would be "definitely necessary to stabilise the market", without elaborating. The won in February suffered its worst monthly loss in more than 11 years, weakening by nearly 7% against the dollar and again sparking concerns in the onshore currency market over the demand for dollars outpacing supply.
Kim said he plans to simplify processes for alternative investments and devise a new strategy that allows more flexible management while strengthening partnerships with offshore outsourcing firms.
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