South Korea has remained on the U.S. Treasury Department’s foreign exchange (FX) policy monitoring list, according to the Treasury’s Macroeconomic and Foreign Exchange Policies of Major Trading Partners report released on Thursday. The Treasury said Korea met two of the three criteria for enhanced monitoring due to its large bilateral trade surplus with the U.S. and a current account surplus exceeding 3% of GDP, while finding no evidence of persistent, one-sided FX intervention during the review period.

The Treasury added that the Korean won’s depreciation in the second half of 2025 was not consistent with the country’s strong economic fundamentals.