President Yoon Seok-yeol and US President Joe Biden hold a joint press conference for the Korea-US summit in the auditorium of the presidential office in Yongsan on the 21st. Presidential Photo Correspondents
The presidential office gave significance to the fact that the phrase ‘close consultation on foreign exchange market trends’ was reflected in the joint statement between the two leaders on the 21st and said, “I think it may have appeared for the first time in the joint declaration between the two leaders.”
Economic and security secretary Wang Yun-jong said at a briefing shortly following the summit meeting, “From a certain point of view, the two leaders are very interested in the stabilization of the foreign exchange market, including the financial market, and it is an expression of their will to strengthen the foundation for cooperation in various ways.”
To the question of ‘what measures such as currency swaps have been discussed?’, he said, “If yes, the US Federal Reserve is in charge. The US is a country that emphasizes central bank independence. So are we.”
“More than a currency swap, we will continue to pursue necessary cooperation while closely monitoring the development of the foreign exchange market,” he said.
The two leaders recognized the need to closely consult on foreign exchange market trends in order to promote sustainable growth and financial stability, including an orderly and well-functioning foreign exchange market, the two leaders said in a joint statement on the same day.
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