South Korea's top central banker said Thursday the U.S. rate hike poses little to no immediate danger for the local economy, maintaining that the rate hike had long been anticipated and accounted for.
  

The Bank of Korea governor said the country should rather watch out for possible changes in global oil prices and the Chinese economy, both blamed for a prolonged downturn in South Korean exports.
  

"We have long anticipated a U.S. rate hike, as the U.S. had strongly suggested that it would raise its key rate by 25 basis points," Lee Ju-yeol told reporters.
  

"The point of interest was not whether the U.S. would raise its key rate but how fast it will do so, and the U.S. Fed has said the pace will be gradual," he added.
  

The U.S. Fed raised the target band for its key rate to 0.25-0.50 percent from 0-0.25 percent at its two-day Federal Open Market Committee meeting that ended Wednesday (Washington time).
  

"The negative impact on the market is not especially concerning," the BOK chief said.
  

Lee has long insisted the impact from a U.S. rate hike on the local economy will be limited, citing the country's strong economic fundamentals.
  

"We cannot say how long the market will remain stable, but the country's basic conditions currently remain in good shape," he said, adding the country's foreign exchange liquidity also remains strong.
  

As of the end of November, South Korea's foreign exchange reserves came to US$368.46 billion.
  

The BOK chief noted his country may rather face difficulties stemming from slowing growth in the world's second-largest economy, China.
  

"We must keep our eyes open as there exist many other uncertainties in addition to a U.S. rate hike, such as slowing economic conditions in China and additional cuts in oil prices," he said.
  

China's slowing growth has often been blamed for South Korea's dwindling exports as China, by far, remains the world's single largest importer of South Korean goods.
  

South Korea's exports have fallen every single month since the start of the year, which has been linked to recent plunges in global oil prices. Falling oil prices have, in turn, significantly reduced the prices of petroleum and petrochemical products, main exports of South Korea that accounted for nearly one-fourth of the country's total exports in 2013. (Yonhap)