Home

The Korea Herald

Latest news

Most Popular

  1. 1

    Contentious grain bill put directly to plenary meeting for vote

    Contentious grain bill put directly to plenary meeting for vote
  2. 2

    Yoon's approval rating plunges to all-time low

    Yoon's approval rating plunges to all-time low
  3. 3

    Will tug-of-war between doctors, government end soon?

    Will tug-of-war between doctors, government end soon?
  4. 4

    Climate impacts set to cut 2050 global GDP by nearly a fifth

    Climate impacts set to cut 2050 global GDP by nearly a fifth
  5. 5

    Trilateral talks acknowledge ‘serious’ slumps of won, yen

    Trilateral talks acknowledge ‘serious’ slumps of won, yen
  1. 6

    [Graphic News] More Koreans say they plan long-distance trips this year

    [Graphic News] More Koreans say they plan long-distance trips this year
  2. 7

    [KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs

    [KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
  3. 8

    North Korea removes streetlights along cross-border roads with South

    North Korea removes streetlights along cross-border roads with South
  4. 9

    Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official

    Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
  5. 10

    Farming households dip below 1m for first time in 2023

    Farming households dip below 1m for first time in 2023
소아쌤

Current FX rate not problem given limited volatility

By KH디지털2

Published : March 22, 2017 - 11:33

    • Link copied

South Korea's finance minister said Wednesday that the current pace of the local currency's appreciation is not a problem should the volatility of the won-dollar rate remains limited.

"If the volatility isn't too high, I think the won's current ascent versus the US dollar is not a big problem," Finance Minister Yoo Il-ho said after a ministerial level meeting in Seoul.

South Korea's Finance Minister Yoo Il-ho speaks at a ministerial meeting in Seoul on March 22, 2017. (Yonhap) South Korea's Finance Minister Yoo Il-ho speaks at a ministerial meeting in Seoul on March 22, 2017. (Yonhap)

"The latest currency volatility seems to be high to some extent, but it's not steep enough to be a problem."

Following the rate hike in the United States last week, the Korean won has been gaining ground against the greenback, reaching a five-month high on Monday.

South Korea's top economic policymaker also said he thinks the government will reach an agreement on extending a currency swap deal with China, which will expire in October.

"I don't think we will not be able to extend the swap deal with China," the official said. "China has made no comments on the issue so far."

Many are worried that the currency swap agreement with China is in danger due to rising political and diplomatic tensions surrounding the deployment of a US missile system, the Terminal High Altitude Area Defense.

Last year, South Korea and China agreed to prolong the agreement, which was first initiated in 2009 with a value of 32 trillion won ($27 billion) and expanded to 64 trillion won in 2011. (Yonhap)

More from Headlines