South Korea will work to strengthen forex cooperation with US - Finance Minister
FILE PHOTO: South Korea Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho attends the G20 Finance Ministers Meeting in Nusa Dua, on Indonesia resort island of Bali, on July 15, 2022. Sonny Tumbelaka/Pool via REUTERS
SEOUL :South Korea's finance minister said on Wednesday the government would strengthen cooperation with the United States on foreign exchange.
"An orderly and well-functioning foreign exchange market serves as a basis for increasing trade between the two countries and continuous mutual investment," Choo Kyung-ho said at an event hosted by the American Chamber of Commerce in Korea, without giving further details.
The comments came as the won weakened by as much as 1.85 per cent on Wednesday, after U.S. Federal Reserve Chair Jerome Powell's hawkish comments on Tuesday lifted the dollar.
Choo said South Korean authorities would continue their efforts to maintain stability in the financial and foreign exchange markets, adding plans to extend trade hours for the onshore currency market next year would help them respond more effectively to market volatility.
On the government's push to have South Korean treasury bonds added to FTSE Russell's World Government Bond Index, he said the government expected the decision to be made in September, if the process went smoothly.
Choo said the government would also work with the United States to resolve issues related to the Inflation Reduction Act and Chips Act in a harmonious manner.
U.S. President Joe Biden will host South Korean President Yoon Suk Yeol for a state visit on April 26, the White House and Yoon's office said on Tuesday.
