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Saturday, July 13, 2024

US urges china for enhanced exchange rate policy transparency

The US Department of the Treasury’s semi-annual report to Congress on macroeconomic and foreign exchange policies of major trading partners found that no significant trading partner manipulated its currency exchange rates against the US dollar to hinder balance of payments adjustments or gain unfair competitive advantages last year. However, many interventions by these partners involved selling dollars, actions that bolstered their currencies and weakened the dollar.

The report evaluated the policies of major trading partners, representing approximately 78% of US trade in goods and services last year. It identified seven economies on its ‘Monitoring List’ that require scrutiny due to their currency practices and macroeconomic policies: China, Japan, Malaysia, Singapore, Taiwan, Vietnam, and Germany.

Additionally, the report reiterated the Treasury Department’s call for increased transparency from China. The Department highlighted China’s lack of disclosure regarding foreign exchange interventions and other crucial aspects of its exchange rate policy, positioning it uniquely among major economies and justifying ongoing close monitoring by Treasury officials.

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