The South Korean won slid to its lowest level against the U.S. dollar in more than 15 years on Friday, largely due to domestic economic woes and political instability, as well as the dollar's continued strengthening.
The won opened at 1,467.5 per dollar and was trading at 1,482.6 per dollar at 11:03 local time, marking the weakest level since March 16, 2009.
South Korea's Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok said that the sharp decline in the won/dollar exchange rate shows that the absence of a national leader would have a serious impact on the world's trust in the South Korean economy, security, and the continuity of state affairs.
South Korean financial experts predict that the Korean won will continue to weaken against the U.S. dollar, due to domestic political uncertainties, including the South Korean National Assembly's impeachment motion against acting president Han Duck-soo and the potential launch of a consultative body between the ruling and opposition parties and the government.
External factors include the Federal Reserve's adjustment of the pace of interest rate cuts, which has pushed up the U.S. dollar.
S Korean won hits 15-year low against USD amid political turmoil
Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, on Monday called for advancing full and rigorous Party self-governance with higher standards and more concrete measures.
Xi, also Chinese president and chairman of the Central Military Commission, made the remarks while addressing the fifth plenary session of the 20th CPC Central Commission for Discipline Inspection (CCDI) in Beijing.
Xi urged efforts to confine power to an institutional cage in a more well-conceived and effective manner, and press ahead with the anti-corruption fight with a clearer understanding and stronger resolve, thus providing a strong guarantee for achieving the goals and tasks of the 15th Five-Year Plan period (2026-2030).
Xi pointed out that in 2025, the CPC Central Committee had intensified efforts to improve Party conduct, uphold integrity and combat corruption, achieving notable results. Xi said efforts were made to maintain a tough stance against corruption and eradicate the breeding grounds and conditions for corruption.
Xi emphasized that implementing the major decisions and plans of the CPC Central Committee is a fundamental requirement for upholding its authority and its centralized, unified leadership.
Party organizations at all levels and Party members and officials should implement the decisions and plans of the Fourth Plenary Session of the 20th CPC Central Committee with concrete actions, he said.
Xi noted that confining power to an institutional cage is an important task in exercising full and rigorous Party self-governance.
He stressed that all are equal before the law and regulations, that compliance with them admits no privilege, and that enforcement of the law and regulations allows no exception.
Xi underscored that the fight against corruption is a major struggle that the Party cannot afford to lose, and must never lose.
He said that the current anti-corruption situation remains grave and complex, and that the task of eliminating the soil and conditions breeding corruption remains arduous. Xi added that it is essential to maintain a firm stance to leave corrupt officials with no place to hide.
Stressing the need to stay attuned to new trends and features of corruption, Xi urged efforts to innovate methods and approaches, promptly detect and accurately identify corrupt practices, and effectively address all forms of corruption, so as to continuously enhance the penetrating power of anti-corruption efforts.
He also urged strengthening coordination among all forms of oversight to advance integrated governance through whole-process collaboration, and called for sustained efforts to forge a loyal, upright and responsible disciplinary inspection and supervision force that dares to and is good at fighting against corruption.
Members of the Standing Committee of the Political Bureau of the CPC Central Committee Li Qiang, Zhao Leji, Wang Huning, Cai Qi and Ding Xuexiang attended the meeting.
Li Xi, a member of the Standing Committee of the Political Bureau of the CPC Central Committee and secretary of the CCDI, presided over the meeting. On Monday afternoon, on behalf of the standing committee of the CCDI, Li also delivered a work report.
Xi urges advancing Party self-governance with higher standards, more concrete measures
