(Adds details, quotes and background)
SEOUL, March 8 (Reuters) - South Korea's finance
minister said on Wednesday the government would strengthen
cooperation with the United States on foreign exchange.
"An orderly and well-functioning foreign exchange market
serves as a basis for increasing trade between the two countries
and continuous mutual investment," Choo Kyung-ho said at an
event hosted by the American Chamber of Commerce in Korea,
without giving further details.
The comments came as the won weakened by as much as 1.85% on
Wednesday, after U.S. Federal Reserve Chair Jerome Powell's
hawkish comments on Tuesday lifted the dollar.
Choo said South Korean authorities would continue their
efforts to maintain stability in the financial and foreign
exchange markets, adding plans to extend trade hours for the
onshore currency market next year would help them respond more
effectively to market volatility.
On the government's push to have South Korean treasury bonds
added to FTSE Russell's World Government Bond Index, he said the
government expected the decision to be made in September, if the
process went smoothly.
Choo said the government would also work with the United
States to resolve issues related to the Inflation Reduction Act
and Chips Act in a harmonious manner.
U.S. President Joe Biden will host South Korean President
Yoon Suk Yeol for a state visit on April 26, the White House and
Yoon's office said on Tuesday.
(Reporting by Jihoon Lee; Editing by Tom Hogue and Subhranshu
Sahu)
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