South Korea's acting President Choi Sang-mok said Friday the government would undertake "swift" and "bold" steps to stabilize the financial and foreign exchange markets if necessary, Yonhap reported.

"Each institution will take all necessary precautions to maintain a 24-hour emergency monitoring and response system for financial and foreign exchange markets, and if market volatility increases, decisive and swift market stabilization measures will be implemented," Choi said at an economic meeting attended by the governor of the Bank of Korea (BoK) and the heads of the Financial Services Commission and the Financial Supervisory Service.