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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World S.Korea balance of payments hit by market jitters Reuters - 2 hours 27 minutes ago Send IM Story Print * May current account surplus hits five-month high * Capital account swings to big deficit on market jitters * Policymakers seen trying to keep won cheap to boost exports By Yoo Choonsik SEOUL, June 29 - South Korea posted its largest current account surplus in five months in May but suffered huge capital outflows, highlighting concerns over financial stability that prompted authorities to impose currency curbs this month. Asia's fourth-largest economy posted a seasonally adjusted current account surplus of $3.35 billion in May, the largest this year, lifted by a rise in export value to record high levels last month, the central bank data showed on Wednesday. But it was easily eclipsed by an $11.96 billion deficit in the capital account, which was mainly due to heavy selling of domestic stocks by foreign investors and South Korean banks' paying of money owed to overseas lenders. "South Korea has almost fully opened its capital markets to foreign investors and in that regard is naturally faced with high volatility in capital flows across the border," said Lim Ji-won, economist at JPMorgan Chase. "That's why policymakers have publicly said they want to keep the current account in surplus," she said. South Korean policymakers want to see big current account surpluses to keep the overall balance of payments sound. The authorities imposed this month restrictions on banks' currency derivatives trades aimed at curbing overseas short-term borrowing and preventing sharp swings in capital flows that undermine the financial stability. [ID:nTOE65C00R] Foreign investors, spooked by the global market turbulence, sold a net 6.1 trillion won worth of South Korean shares on the main board in May while domestic borrowers, mostly banks, paid back a net $8.64 billion to overseas lenders during the month, data showed. Policymakers are expected to keep intervening in the currency market to prevent the won <KRW=> <KRW=KFTC> from strengthening so that exporters can better compete with rivals and boost the current account balance. "The authorities appear very keen to maintain the won cheap even as the country's central bank is widely expected to start raising interest rates soon and despite robust exports keep dollars flowing in," said an analyst, who asked not to be named. The won has lost 4 percent so far this year against the dollar despite the robust growth in the domestic economy. South Korea posted surpluses in both current and capital accounts in the January-May period but the current account surplus is widely expected to taper off in line with recovering domestic demand, which will boost imports. The Bank of Korea expects the current account surplus to shrink sharply to $10.5 billion in 2010 from $42.7 billion in 2009, and narrow further to $5.5 billion next year. Recommend Send IM Story Print Related Articles S.Africa's Naspers FY profit up 21 pct Reuters - 16 minutes ago JGBs rise as risk assets dumped, yields at 7-yr low Reuters - 18 minutes ago Capital flows not a problem as of now-India PM Reuters - 22 minutes ago Google alters China course before license expires AFP - 24 minutes ago European shares fall on debt worry, commods weigh Reuters - 25 minutes ago News Search Top Stories More travel misery from Greek general strike Rare white elephant caught in Myanmar Oprah tops Forbes celebrity 'power list' US presses farmers to reduce antibiotics use Brazil ease past Chile, set-up Dutch showdown More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Disgraced millionaire lobbyist takes pizza job US cracks 'deep-cover' Russia spy mission, arrests 10 England-Germany World Cup rivalry felt in Afghanistan Back from the dead, Saab is ready for its revenge BP denies Hayward to resign as oil disaster costs soar More Most Viewed » Amputee cat gets bionic legs Aussie men shoot each other in buttocks 'to see if it hurts' Fans gather for Michael Jackson death anniversary More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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