Finance Minister Yoo Il-ho has dismissed concerns that the incoming Donald Trump administration will designate South Korea as a currency manipulator.

During a meeting with reporters on Thursday marking his first anniversary of taking office as the finance minister, Yoo was asked about possible impacts South Korea could face if neighboring China is labeled a currency manipulator by the U.S. 

Yoo stressed that South Korea can squarely say that it is not a currency manipulator, citing the U.S. government’s assessment that it only meets two of three criteria to be labeled as one.

Noting that anything is possible, however, he said his ministry will try to thoroughly explain Seoul’s stance on the issue to the U.S.

In April last year, the U.S. Treasury Department put South Korea, China, Japan, Germany and Taiwan on its monitoring list for possible foreign exchange rate manipulation, but concluded none of the countries meet all three criteria for being designated as a currency manipulator.

The three criteria refer to whether a country has a significant bilateral trade surplus with the U.S., a current account surplus that exceeds three percent of its gross domestic product and whether authorities repeatedly intervene in the foreign exchange market to prevent the appreciation of the local currency.