S Korean gov't not "artificially" implementing currency policies

16:49, October 19, 2010      

Email | Print | Subscribe | Comments | Forum 

South Korea is not implementing its currency policies in an "artificial" way so as to keep the local currency at a low level, the top finance official said Tuesday.

"We are not engaging into 'artificial' currency policies so as to promote exports or keep the foreign exchange (FX) rate at a low level,"Finance Minister Yoon Jeung-hyun told lawmakers at an annual parliamentary audit.

"(The government), however, is striving to relieve sudden fluctuations in the currency market caused by herding behaviors," Yoon added.

The remarks came a week after Japan's prime minister and finance minister accused the South Korean government of manipulating FX rates.

Amid escalating tensions on global currencies, the South Korean won soared more than 4 percent against the U.S. dollar, closing at 1,119.3 won against the greenback as of Monday.

Meanwhile, the minister also hinted at tabling the currency issue at the upcoming G20 Finance Ministers and Central Bank Governors Meeting held in Gyeongju.

"At the Gyeongju Meeting, the currency debate will take a part in the global imbalance issue, which will be discussed in detail at the session to probe "Framework for Strong, Sustainable, and Balanced Growth,"Yoon said.

"Although countries still hold conflicting views on the issue,( we) have various scenarios which we cannot reveal at the moment," Yoon added.

As chair, South Korea would do the best to mediate at the discussion table, according to the finance minister.

The G20 finance leader meeting is scheduled to be held on Friday and Saturday, ahead of the upcoming G20 Seoul Summit.

Source: Xinhua


  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Chinese Navy soldiers hold an evening party marking the upcoming 62nd National Day aboard Chinese Navy hospital ship "Peace Ark" in the Pacific on Sept. 28, 2011. The Chinese National Day falls on Oct. 1. (Xinhua/Zha Chunming)
  • Photo taken on Sept. 30, 2011 shows the crowd at the plaza of Beijing Railway Station in Beijing, capital of China. The railway transportation witnessed a travel peak with the approach of the seven-day National Day holidays on Friday. (Xinhua)
  • A man wearing high-heel shoes takes part in the 3rd annual Walk a Mile in Her Shoes, an event when men literally walk in women's shoes to raise awareness about ending violence against women, at Yonge-Dundas Square in Toronto, Canada, Sept. 29, 2011. (Xinhua/Zou Zheng)
  • Photo taken on Sept. 29, 2011 shows a cargo ship in danger on the sea near Zhuhai City, south China's Guangdong Province. Cargo ship Fangzhou 6 of Qingzhou of southwest China's Guangxi Zhuang Autonomous Region lost control after water stormed into its cabin due to Typhoon Nesat on the sea near Zhuhai Thursday, leaving 12 crew members in danger. Rescuers rushed to the ship and saved them by using a helicopter. (Xinhua)
  • Actress Gong Li poses for L'Officiel Magazine. (Xinhua Photo)
  • Demonstrators from the Occupy Wall Street campaign hold placards as they march in the financial district of New York September 29, 2011. After hundreds of protesters were denied access to some areas outside the New York Stock Exchange on September 17, demonstrators set up a rag-tag camp three blocks away. Zuccotti Park is a campground festooned with placards and anti-Wall Street slogans. The group is adding complaints of excessive police force against protesters and police treatment of ethnic minorities and Muslims to its grievances list, which includes bank bailouts, foreclosures and high unemployment. (Xinhua/Reuters Photo)
Hot Forum Discussion