South Korea’s central bank expects the dollar/won swap market to stabilise quickly as the country’s shipbuilders have been winning fewer orders, a senior official at the bank said on Friday.

“Foreign ship orders have been falling quickly since June. With the fall, longer-term dollar/won swaps will stabilise more quickly than short-term ones,” Ahn Byung-chan, director of the Bank of Korea’s international department, told Reuters.

Ahn said the country’s eight shipbuilders had won a combined $2.4 billion in foreign orders from Sept. 1 to Sept. 17, just a third of the figure for the same period a year ago.

Source: http://www.afxnews.com

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