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Seoul's FX market intervention disclosure will be 'gradual,' finance minister says

2018/05/17 07:42

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SEJONG, May 17 (Yonhap) -- South Korea will reveal its records on currency market intervention at a "gradual" pace as part of efforts to minimize any negative impact on the market, the country's chief economic policymaker said Thursday.

Later in the day, Seoul is set to unveil how it will publicly report its foreign-exchange intervention for the first time.

"Disclosure of market intervention records will be gradual but in line with international norms," Finance Minister Kim Dong-yeon said in an economy-related ministers meeting in Seoul.

The minister said details such as the disclosure interval and related data will be determined later after discussion.

"The currency rate should be determined in the market, but there is no change in our stance that measures will be taken to curb an one-sided movement," Kim said.

Seoul said earlier that the country is considering the detailed disclosure of its interventions in the foreign exchange market as part of a broader move to boost transparency and clear itself of suspicion of exercising undue influence on exchange rates.

South Korea's financial authorities have persistently claimed they do not interfere in the foreign exchange market but engage in "smoothing operations" against extreme one-sided movements.

In April, Washington kept South Korea on its "monitoring list" but did not designate it as a currency manipulator.

Washington has vowed to aggressively keep tabs on and combat unfair currency practices, saying the United States cannot and will not bear the burden of an international trading system that, it claims, unfairly disadvantages American exports and gives an edge to its trading partners.

Finance Minister Kim Dong-yeon (L) speaks at an economy-related ministers meeting in Seoul on May 17, 2018. (Yonhap) Finance Minister Kim Dong-yeon (L) speaks at an economy-related ministers meeting in Seoul on May 17, 2018. (Yonhap)

sam@yna.co.kr

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