South Korean official says deputy minister's US visit was routine cooperation amid currency concerns

A high-level South Korean finance official visited the United States this week as the won-dollar exchange rate hovered around 1,500 won. However, a presidential office official downplayed any direct link between the visit and the currency's volatility.

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The international deputy minister travels to various countries for many reasons. It is for routine cooperation, not specifically related to the exchange rate.

Kim Yong-beom, head of the presidential office's policy chief, stated that the International Deputy Minister of Finance and Economy's trip was for "routine cooperation." He explained that such officials travel to various countries for multiple reasons, and this particular visit was part of ongoing consultations between South Korea and the U.S. on international finance matters.

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The U.S. Treasury's currency line deeply understands our country's situation and is always observing it.

Kim referenced comments made by U.S. Treasury Secretary Scott Bessent in January, who noted that the won's depreciation did not align with South Korea's strong economic fundamentals. "The U.S. Treasury's currency line deeply understands our country's situation and is always observing it," Kim said. He added that a currency market aligned with fundamentals is important for South Korea and naturally a point of interest for the United States. The visit, he indicated, was within this framework of cooperation.

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A currency market aligned with fundamentals is important for South Korea and naturally a point of interest for the United States.