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South Korea's finance minister talks with U.S. counterpart over FX policies

All News 22:42 April 13, 2017

SEOUL, April 13 (Yonhap) -- South Korea's Finance Minister Yoo Il-ho on Thursday explained Seoul's efforts to address trade imbalances with the United States to his U.S. counterpart ahead of Washington's release of a foreign exchange policy report this month, his office said.

Yoo Il-ho held telephone talks with U.S. Treasury Secretary Steven Mnuchin amid concerns that America's trade partners, including South Korea and Taiwan, can be designated as a currency manipulator.

The finance ministry here said that Yoo explained to Mnuchin Seoul's foreign exchange policy and its efforts to tackle trade imbalances between the two countries.

Washington designates a country as a "manipulator" of foreign exchange if it maintains a considerable trade surplus against the U.S., posts a current account surplus valued more than 3 percent of the gross domestic product, and repeatedly intervenes in the foreign exchange market.

If a country is designated a manipulator, it may face strong regulations on trade and investment.

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