April 12, 2018 / 12:09 AM / a year ago

South Korea finance minister says no change on stance to act when forex markets are volatile

FILE PHOTO: South Korean Finance Minister Kim Dong-yeon speaks during his inaugural ceremony in Sejong government complex in Sejong, South Korea, June 15, 2017. REUTERS/Kim Hong-Ji

SEOUL (Reuters) - South Korea’s finance minister said on Thursday there has been no change to the government’s policy stance that it will act to stabilize currency markets when volatile movements are seen.

In a phone conversation with U.S. Treasury Secretary Steven Mnuchin, Kim Dong-yeon stressed that South Korea does not meet conditions to be designated as currency manipulator in the Treasury’s bi-annual currency report, according to a finance ministry statement, according to a finance ministry statement.

In October 2017, South Korea, along with China, avoided the currency-manipulator label in twice-yearly U.S. Treasury report, but was kept on a currency “monitoring list”.

Reporting by Cynthia Kim and Christine Kim; editing by Richard Pullin

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