South Korea hits back at foreign media

"As we suffered from 'unusable' reserves in 1997, the Korean government has been extremely careful in foreign exchange management in order to prevent concerns by foreign investors regarding liquidity and the transparency of foreign reserves," said Chang Yong Rhee, vice-chairman at the Financial Services Commission (FSC) in Seoul.

As of September, Korea's foreign reserves stood at $240 billion, which exceeds the International Monetary Fund's requirement for a three-month current account payment

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