S. Korea Avoids US Currency Manipulator Designation But Kept on Watch List

Write : 2018-04-14 12:23:23 Update : 2018-04-14 14:41:08

S. Korea Avoids US Currency Manipulator Designation But Kept on Watch List

The United States has decided not to designate South Korea as a currency manipulator.

However, the Treasury Department said it was keeping South Korea on the monitoring list in its latest semiannual report to Congress on Friday.

The department said the currency practices of South Korea and five other countries required close attention but no trading partner met the criteria for a currency manipulator 

China, Japan, Germany and Switzerland remained on the monitoring list as well. India was added in the latest list.

To be labeled a currency manipulator by the U.S., a trading partner must qualify three conditions: bilateral trade surplus of at least 20 billion dollars, current account surplus of at least three percent of gross domestic product, and a so-called "persistent, one-sided intervention" where net purchases of foreign currency total at least two percent of GDP over a year. 

South Korea does not exceed the limit on foreign currency purchases.

Under the U.S. Trade Promotion Authority Act, the Treasury Department submits to Congress a report on currency practices of key U.S. trading partners twice a year in April and October. 

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