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BOK chief keeps close tabs on FX movements

All News 15:44 January 03, 2018

SEOUL, Jan. 3 (Yonhap) -- South Korea's central bank chief said Wednesday that he is closely watching the recent volatility on the local foreign exchange market.

The Korean won has been appreciating for months, soaring to a three-year high of 1,061.2 won against the U.S. dollar on the first trading day of the year. It stood at 1,149.1 won to the greenback in late September.

"Many have asked me about the foreign exchange rate," Bank of Korea (BOK) Gov. Lee Ju-yeol told reporters after a New Year's meeting with government and financial leaders in Seoul. "I've been closely watching the market, but have nothing to say further."

Insiders say that South Korean financial authorities have been refraining from intervening in the FX market due to Washington's monitoring countries for currency manipulation.

Last year, Washington put South Korea along with Japan and China on a monitoring list of countries that are suspected of using FX policies to get the upper hand in trading with the United States.


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