April 2, 2018 / 1:05 AM / 20 days ago

S.Korea c.bank chief: FX rates should be market oriented

SEOUL, April 2 (Reuters) - South Korea’s central bank chief on Monday said the Bank of Korea does not target any specific currency level as foreign exchange rates should be market-determined.

Asked to comment on the U.S. criticism on South Korea’s FX policies, Lee Ju-yeol said South Korea has been sticking to its policy principle that FX rates should be driven by market forces.

“I understand that some people view current account surplus levels of say, South Korea and China, as excessive,” Lee said.

“We try to boost domestic demand and import more, but we are not targeting any specific FX level. FX rates should be market oriented.” (Reporting by Cynthia Kim, Dahee Kim Editing by Shri Navaratnam)

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