Senior BOK official dispatched to France's central bank

Kwon Joon-suk / Courtesy of Kwon Joon-suk

A senior Bank of Korea (BOK) official will begin a yearlong stint at Banque de France, a first for a BOK official to work in the European country.

BOK's International Financial Regulation Team head Kwon Joon-suk will begin working at the Asset Management Division of France's central bank soon.

Kwon has an extensive knowledge and understanding of international financial market analysis as well as Korea's treasuries trading and foreign reserves management.

"I had a one-on-one virtual interview with the an asset management division chief at the French Central Bank in October last year," he said.

Interview questions included Kwon's assessment of financial market conditions in the United States and Europe at the time, including inflation trajectories and foreign exchange movements.

"Last October, market trends were defined by sustained plateauing of key market datasets. I gave the best assessment I could."

The projects he will undertake remains uncertain, but they are expected to encompass France's foreign reserve management, as well as market analysis and research and intelligence reporting at large.

"I am not sure about what my tasks will entail. But I presume it will mostly be about bolstering asset management capabilities."

The Korean currency won is not an international reserve currency, a reason why the country's foreign reserve management prioritizes stability and liquidity over profit.

However, the case is different with France, a member of the European Union which has the euro, a reserve currency.

"For France, maintaining market liquidity and limiting currency volatility against the U.S. greenback are much lower on its priority list since printing euros and currency swap deals with the U.S. are always in store. I think profit generation will be more of their concern."

Kwon's stint in France was arranged by BOK Governor Rhee Chang-yong under whose leadership international cooperation and personnel exchanges are fostered.

The exchange was made at the request of French Central Bank Governor François Villeroy de Galhau. BOK had a shortlist of applicants and Kwon made the final. Kwon holds a doctorate in economics from ESSEC Business School in Cergy, France.