SEOUL, Feb 4 ― South Korea will swiftly take measures to stabilise its financial markets in case of increased volatility amid growing concerns about the economic impact of the rapidly spreading new coronavirus in China and other nations, a senior government official said today.

Vice Finance Minister Kim Yong-beom told a meeting with senior economic and financial officials that the virus is expected to have a negative impact on the Korean economy.

"If volatility rises in financial and currency markets, authorities will swiftly and firmly take stabilisation measures,” Kim told the meeting.

"In case of a rise in volatility, the government will cope with its contingency plan,” Kim said.

Kim also warned against price-rigging of face masks, saying the government will punish those who engage in price-rigging as demand for face masks surges.

So far, South Korea has 15 confirmed cases of the virus, believed to have originated in the Chinese central city of Wuhan. The virus has killed more than 420 people in China's Hubei province, where Wuhan is the capital city.

Starting today, South Korea will temporarily ban foreigners who have visited Hubei within 14 days from entering the nation. ― Bernama