The United States Treasury on Wednesday added India along with Taiwan and Thailand to the monitoring list of currency manipulating countries which already has major trading partners like China and six others. The countries including Japan, South Korea, Germany, Italy, Singapore and Malaysia are already in the list. Ireland has been removed from the Monitoring List, the US Department of Treasury said in its report ‘Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States’ which has been submitted to the Congress on Wednesday.
Over the four quarters through June 2020, four major US trading partners Vietnam, Switzerland, India, and Singapore, intervened in the foreign exchange market in a sustained, asymmetric manner, the report said. US Treasury Secretary Steven T. Mnuchin said, "The Treasury Department has taken a strong step today to safeguard economic growth and opportunity for American workers and businesses". A press release issued by the US Treasury department said, "Treasury will follow up on its findings with respect to Vietnam and Switzerland to work toward eliminating practices that create unfair advantages for foreign competitors".
US Treasury found that 10 economies warrant placement on Treasury’s "Monitoring List" of major trading partners that enables close attention to their currency practices: China, Japan, Korea, Germany, Italy, Singapore, Malaysia, Taiwan, Thailand, and India, the last three being added recently in the report. The Treasury statement towards India says it always welcomes India's Transparency in publishing foreign exchange purchases and sales. And further said, Indian authorities should allow the exchange rate to move to reflect economic fundamentals and limit foreign exchange intervention to circumstances of disorderly market conditions.
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