The FSC held a meeting with relevant institutions and private sector experts on August 22 to monitor domestic financial institutions' exposure to the real estate market risk in China and check the soundness of financial companies' foreign currency liquidity situation. At the meeting, participants shared a common view that China's current real estate crisis is unlikely to spread wider into a systemic risk and that its impact on domestic securities and foreign exchange markets will be limited. However, the authorities agreed on the need to strengthen market monitoring to be prepared for a possible long-term deterioration in China's economic conditions. FSC Vice Chairman Kim So-young said that the government and relevant authorities need to stay vigilant about global financial market situations and closely monitor external risks and uncertainties to ensure that appropriate policy response takes place in a timely manner.