US stresses won stability for $350B South Korea deal
U.S. Treasury Secretary Scott Bessent’s recent remarks on the South Korean won highlight the importance of currency stability for economic cooperation between Seoul and Washington, a senior South Korean official said Thursday.
Deputy Finance Minister Choi Ji-young noted that volatility in the won could disrupt progress on a $350 billion U.S. investment pledged to South Korea. Bessent had discussed the won’s recent depreciation with South Korean Finance Minister Koo Yun-cheol, saying the currency was weaker than fundamentals suggest, News.Az reports, citing Reuters.
Authorities from both countries plan close communication on foreign exchange stability, with mechanisms in the trade deal allowing adjustments to investment timing or amounts if market disruptions occur. Meanwhile, the Bank of Korea signaled an end to its easing cycle, and policymakers are considering new measures to align currency movements with economic fundamentals.
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