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Seoul emphasizes Korea is not a currency manipulator

South Korea‘s finance minister said Friday that his country should not be regarded as a currency manipulator as it strives to enhance transparency in its currency market.

Kim Dong-yeon made the argument during a meeting with US Treasury Secretary Steven Mnuchin on the Indonesian resort island of Bali on the sidelines of G-20 meeting of finance ministers and central bankers, according to the finance ministry.

South Korea‘s finance minister Kim Dong-yeon (Yonhap)
South Korea‘s finance minister Kim Dong-yeon (Yonhap)

Kim cited latest trends in the foreign currency market, efforts by the Seoul government to enhance overall transparency in transactions and recent trade and currency account figures with the US.

The US is to announce its biannual currency market report in mid-October. In April, Washington kept South Korea on its “monitoring list” but stopped short of designating South Korea as a currency manipulator.

Mnuchin appreciated Kim’s explanations and policy efforts and expressed hope that the two countries will continue close communication and cooperation, the ministry said.

Kim also asked Mnuchin to help exempt South Korean vehicles from tariffs on imported cars based on the Trade Expansion Act, citing the South Korean auto industry‘s contribution to investment and job creation in the US.

The US treasury secretary proposed having sufficient discussion between the two countries by exchanging relevant data and opinions, according to the ministry. (Yonhap)