RealNews

South Korean banks go to Federal Reserve for dollars

South Korean banks, viewed by investors as among the weakest in Asia, turned for the first time to the U.S. Federal Reserve for dollars as they stepped up efforts to resolve a dollar funding crisis. The move comes as Asia’s fourth-largest economy tries to keep the global financial storm at bay. South Korea’s consumer sentiment hit a three-month low and its currency slumped to a 10- year trough against the dollar with investors growing ever more worried about a global recession and a liquidity squeeze. Full Story

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