South Korea's Finance Minister Hong Nam-ki met and discussed financial and currency policy cooperation with Bank of Korea(BOK) Governor Lee Ju-yeol for the first time since his inauguration earlier this month.

During their luncheon meeting Wednesday, Hong said the government has focused on boosting economic vitality in policymaking for next year, saying balanced currency and financial policy cooperation would be vital at this point in time.

The two discussed various risks at home and abroad such as household debt, a possible rate hike by the U.S. Federal Reserve, global financial variables, and the ongoing trade war between the U.S. and China.

The BOK chief said the government and the central bank will have to remain vigilant in implementing policies amid the risks, citing concerns over the U.S.-China tariff war accelerating the global economic slowdown and its effects on the South Korean economy.