Emerging Markets Raise Barriers for Korean Exports Most Korean Exporters Expect Business to Drop Hong Kong Is Korea's Most Profitable Trade Partner Korean Economy Faces Minus Growth U.S. Could Step Up Import Regulations on Korea Scuffles as Korea-U.S. FTA Begins Legislative Journey Growing Protectionism Spells Trouble for Korean Exports Korea Losing in 3-Way Trade with Japan, China The WTO Is Crumbling Finger Pointing Begins in Wake of WTO Talks Collapse WTO Chief Warns Over Bank and Auto Industry Bailouts

The won, after showing signs of strengthening last month due to currency swap agreements with the United States, Japan and China, has plunged almost 8 percent against the U.S. dollar this year.

In light of this, President Lee Myung-bak announced a shakeup of his economic team Monday, designating Yoon Jeung-hyun finance minister and Chin Dong-soo chairman of the Financial Services Commission. The two appointees are hoping to restore consumer confidence, create new jobs and stabilize the volatile foreign currency market.

The new economic team was greeted with mixed reactions by the market. Some analysts say the nominees are market-friendly and pointed to Yoon's experience with the Asian Development Bank and as head of the Financial Supervisory Service. But others were less enthusiastic, saying there is little a couple of people can do about a crisis that began overseas.

Arirang News