Lee Ju-yeol, governor of the South Korean central bank. Photo: Reuters / Kim Hong-Ji

South Korea’s central bank governor is raising the need for preemptive efforts to ensure that Seoul isn’t designated a “currency manipulator” when the US Treasury issues its foreign exchange report next month, reports Joongang Daily.

Governor Lee Ju-yeol said that despite what he cited as a low likelihood of being labeled a currency manipulator, the possibility cannot be ruled out.

The cautious stance comes after Korea was put on a monitoring list by the US Treasury last year, and as the Trump administration has made a priority out of lessening trade surpluses with trading partners.