Finance Minister Choi led emergency response efforts
Financial authorities activated crisis measures
South Korea injects unlimited liquidity to stabilise won

SEOUL, Dec 6 Reuters Minutes after South Korean President Yoon Suk Yeol declared martial law on Tuesday night, plunging the country into its worst crisis in decades, his stunned finance minister knew his priorities throw everything at defending the currency.

By around 11 p.m., Choi Sangmok, who was among the majority of cabinet members who opposed martial law, had set up an emergency meeting at the Seoul Bankers Club, an unofficial meeting place for top policymakers from the central bank, finance ministry and banking and markets regulators.

As soldiers stormed the nation39;s parliament, Korea39;s top four financial authorities, known as F4, activated an emergency playbook that had been used during past crises, scrambling to head off a crippling selloff in the won before Asian markets awoke.

Choi led discussions between the authorities, three people familiar with the meeting told Reuters, with the Bank of Korea responsible for efforts to stabilise the currency.

The first announcement came swiftly. South Korea would inject unlimited cash into markets as needed, the finance ministry said, which pulled the won back from lows last seen in 2009 during the global financial crisis.

It was BOK Governor Rhee Changyong39;s idea to put this message out quickly, one government official told Reuters, on the condition of…