SEOUL (Reuters) - South Korea cannot be designated as a currency manipulator by the United States based on current U.S. government criteria, South Korea’s finance minister said on Friday.
Finance Minister Yoo Il-ho told reporters the United States was unlikely to make ‘careless’ decisions on the issue of labeling South Korea a currency manipulator, saying that Seoul would be able to explain that market forces are the main determinant of the won exchange rate.
South Korea’s foreign exchange authorities have maintained their stance that the currency rates are largely dictated by market forces, but have reiterated that they will intervene to reduce any extreme volatility.
Yoo was making the comments on the sidelines of a meeting in Seoul.
Reporting by Seunggyu Lim; Writing by Christine Kim; Editing by Shri Navaratnam; Editing by