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South Korea's new and outgoing presidents spar over central bank pick

Blue House and Yoon's team embroiled in tense transition

South Korean President Moon Jae-in, left, with current President-elect Yoon Suk-yeol in 2019. (Yonhap via Kyodo)

SEOUL -- The South Korean government's pick to lead the country's central bank for the next four years has further inflamed tension between the outgoing progressive administration and the incoming team of conservative President-elect Yoon Suk-yeol.

The Blue House on Wednesday announced the selection of veteran International Monetary Fund official Rhee Chang-yong as the next governor of the Bank of Korea, ahead of the end of Gov. Lee Ju-yeol's current four-year term on March 31. Rhee will be officially appointed after a confirmation hearing before parliament, where President Moon Jae-in's progressive Democratic Party still holds a majority.

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