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No major trading partner manipulates currency: US Treasury
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IANS | 17 Apr, 2021
The US Treasury Department said that no major trading partner of
Washington meets the criteria as a currency manipulator, but Vietnam,
Switzerland and Taiwan will be under enhanced monitoring for their
currency practices.
In its semi-annual Report on Macroeconomic
and Foreign Exchange Policies of Major Trading Partners of the US, the
Department on Friday concluded that Vietnam, Switzerland and Taiwan met
all three criteria for enhanced currency analysis under the Trade
Facilitation and Trade Enforcement Act of 2015 during the four quarters
through December 2020, reports Xinhua news agency.
However, there
is "insufficient evidence" to make a finding that Vietnam, Switzerland,
or Taiwan manipulates its exchange rate for either of the purposes
referenced in the Omnibus Trade and Competitiveness Act of 1988, the
Department said.
The Treasury believed that "enhanced
engagements" with Switzerland, Vietnam and Taiwan will enable it to
better determine whether any of these economies intervened in currency
markets to "prevent effective balance of payments adjustment or gain an
unfair competitive advantage in trade".
No other major US trading
partner met the relevant 1988 or 2015 legislative criteria for currency
manipulation or enhanced analysis during the review period, according
to the Treasury.
But the Treasury put 11 economies, namely China,
Japan, South Korea, Germany, Ireland, Italy, India, Malaysia,
Singapore, Thailand, and Mexico, on its "monitoring list", which means
currency practices of these economies will bear close attention of the
US government.
The report was the Joe Biden administration's
first foreign-exchange policy report to US Congress, reversing a
decision made by the former Donald Trump administration in December 2020
that Vietnam and Switzerland were labelled as currency manipulators.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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