South Korea will reimpose a withholding tax on foreign investors’ earnings from government bonds in a move that mirrors initiatives in many other countries trying to stabilise their currencies.
The decision on Thursday to restore the 14 per cent tax comes days after leaders of the Group of 20 leading economies agreed that capital controls could be justified for countries experiencing currency volatility fanned by ultra-low interest rates in the US, UK and Europe.
Brazil, Indonesia and Thailand have also taken or are studying similar measures, largely to prevent their currencies from appreciating.
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