No major trading partner manipulates currency: US Treasury

No major trading partner manipulates currency: US Treasury

Washington: The US Treasury Department said none of Washington’s major trading partners meet the criteria as currency manipulators, but Vietnam, Switzerland and Taiwan will increase surveillance for their currency practices.
In its semi-annual report on the macroeconomic and foreign exchange policies of America’s major trading partners, the department concluded on Friday that Vietnam, Switzerland and Taiwan meet all three criteria for enhanced currency analysis under the Trade Facilitation and Trade Enforcement Act 2015 We do. According to the Xinhua report, four quarters by December 2020.
However, there is “insufficient evidence” to suggest that Vietnam, Switzerland or Taiwan have manipulated their exchange rates, for the purposes outlined in the Universal Trade and Competition Act of 1988.
The Treasury believed that “increased preoccupation” with Switzerland, Vietnam and Taiwan would enable it to better determine whether either of these economies interferes with currency adjustments or “inhibits the effective balance of payment adjustment” Or gains unfair competitive advantage in the business ”.
According to the Treasury, no other major US trading partners were found during the review by any major trading criteria of 1988 or 2015 relevant to currency manipulation or advanced analysis.
But the Treasury placed 11 economies on its “watch list”, namely China, Japan, South Korea, Germany, Ireland, Italy, India, Malaysia, Singapore, Thailand and Mexico, meaning that the currency practices of these economies have full attention. Will happen. Of the US government.
The report was the first foreign-exchange policy report of the Joe Biden administration to the US Congress, overturning a decision by the former Donald Trump administration in December 2020 that Vietnam and Switzerland were labeled as currency manipulators.

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