Latest news with #ChoiJi-young
Korea Herald
4 days ago
- Business
- Korea Herald
S. Korea vows closer talks with US on FX policy following monitoring list status
The Ministry of Economy and Finance vowed Friday to enhance communications with the United States to strengthen mutual understanding and trust regarding foreign exchange rate policies. The pledge came after the US Treasury Department kept South Korea on its monitoring list for currency practices. Seoul was reinstated on the list in November 2024 after being removed in November 2023 for the first time since April 2016. "We will continue to expand mutual understanding and trust regarding exchange rate policies through regular communication with the US Treasury Department," the ministry said in a press release. "Ongoing discussions between the Korean and US financial authorities on exchange rate issues will also be conducted thoroughly," it added. Currency policy has been one of the key topics in bilateral negotiations related to US President Donald Trump's administration's sweeping tariff measures. In April, the two countries agreed to focus their talks on four categories -- tariff and non-tariff measures, economic security, investment cooperation and currency policy. They aim to reach a "package" agreement by July 8, when the 90-day suspension of Washington's tariff implementation is set to expire. Last month, South Korea's Deputy Finance Minister Choi Ji-young met with US Treasury Assistant Secretary for International Finance Robert Kaproth on the sidelines of the 58th Asian Development Bank Annual Meeting in Milan to discuss currency-related issues. (Yonhap)
Business Recorder
15-05-2025
- Business
- Business Recorder
South Korea stocks fall as rally from US-China trade talks loses steam
SEOUL: Round-up of South Korean financial markets: South Korean shares declined on Thursday, as a tech-led rally triggered by U.S.-China trade talks began to lose steam. The won strengthened, while the benchmark bond yield rose. The benchmark KOSPI closed down 19.21 points, or 0.73%, at 2,621.36. Among index heavyweights, chipmaker Samsung Electronics fell 0.17%, while peer SK Hynix lost 2.67%. Battery maker LG Energy Solution slid 2.07%. Hyundai Motor and sister automaker Kia Corp dropped 2.13% and down 1.30%, respectively. Steelmaker POSCO Holdings shed 0.79%, while drugmaker Samsung Biologics fell 0.70%. South Korea's deputy finance minister Choi Ji-young met with Assistant Secretary for International Finance at the U.S. Treasury, Robert Kaproth, to discuss the dollar/won market on May 5, a South Korean government official said on Wednesday. South Korean shares rise for third day on chip boost Of the total 935 traded issues, 298 shares advanced, while 593 declined. Foreigners were net buyers of shares worth 264.4 billion won ($189.34 million). The won was quoted at 1,394.5 per dollar on the onshore settlement platform, 0.72% higher than its previous close. In offshore trading, the won was quoted at 1,390.1 per dollar, up 1.2%, while in non-deliverable forward trading its one-month contract was quoted at 1,386.9. The KOSPI has risen 9.25% so far this year, while the won has strengthened 5.6% against the dollar in the same period. In money and debt markets, June futures on three-year treasury bonds lost 0.05 point to 107.50. The most liquid three-year Korean treasury bond yield was flat at 2.365%, while the benchmark 10-year yield rose 2 basis points to 2.737%.
Reuters
15-05-2025
- Business
- Reuters
South Korea's deputy finance minister discussed forex with US Treasury official
SEOUL, May 14 (Reuters) - South Korea's deputy finance minister Choi Ji-young met with Assistant Secretary for International Finance at the U.S. Treasury, Robert Kaproth, to discuss the dollar/won market on May 5, a South Korean government official said on Wednesday. The two met on the sidelines of the 58th ADB Annual Meeting in Milan, Italy, after Seoul and Washington said in April they would try to come up with a trade package aimed at removing U.S. tariffs before a pause on reciprocal tariffs is lifted in July. The U.S. and South Korea on April 25 agreed to craft a trade package going forward where tariffs, economic security, investment and forex policies would be discussed. On Wednesday, the won gained 1.4% against the dollar to 1,398.40 as of 0830 GMT, extending gains to breach the key psychological level of 1,400 per dollar. The won was the worst performer among emerging Asian currencies last year, having fallen more than 14% against the dollar. "News that U.S. and South Korea are discussing forex could be part of the reason why the won is up, but we need to monitor further to see flows behind this as the gains were quite substantial in the afternoon," a local forex dealer said, asking not to be named due to the sensitivity of the matter. U.S. Trade Representative Jamieson Greer is due to meet Ahn Duk-geun, Seoul's trade minister, on Friday on the sidelines of the APEC meeting in South Korea to discuss a broad range of trade issues, according to officials.
Bloomberg
14-05-2025
- Business
- Bloomberg
US-Korea Currency Talks Fuel Bets Trump Is Open to Weaker Dollar
The dollar fell after a person familiar with the matter said the US and South Korean governments discussed currency policies this month, fanning speculation President Donald Trump's administration is open to a weaker greenback and will make exchange rates a feature of upcoming trade talks. The won gained the most against the dollar after the person said South Korea's deputy finance minister Choi Ji-young and Robert Kaproth, the US Treasury's assistant secretary for international finance, had talked about currency policies at a May 5 meeting in Milan and will continue to do so. The person asked not to be named as they weren't authorized to speak publicly.
