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The original was posted on /r/worldnews by /u/naqi11 on 2023-11-12 18:52:49.
US finds no major trade partners manipulated currencies
Submitted 2 years ago by bot@lemmit.online [bot] to worldnews@lemmit.online
autotldr@lemmings.world [bot] 2 years ago
This is the best summary I could come up with:
WASHINGTON, Nov 7 (Reuters) - The U.S. Treasury on Tuesday said no major trading partners appeared to be manipulating their currencies, but it put Vietnam back onto a foreign exchange “monitoring list,” while removing Switzerland and South Korea from the same scrutiny.
The Treasury’s semi-annual currency report for the four quarters ended June 2023 showed that Vietnam, China, Germany, Malaysia, Singapore, and Taiwan were included on its monitoring list.
Vietnam’s exports have grown rapidly in recent years as companies shift some production to the fast-growing Southeast Asian country from China.
Vietnam’s central bank said in a statement on Wednesday it will maintain close contact with, and establish regular and effective dialogues with the U.S. Treasury to “address arising issues in a timely manner.”
There have been some interventions in the foreign exchange markets, notably by Japan, but the Treasury official said these have been aimed at propping up currency values against the dollar, rather than pushing them down for an export advantage.
The official said China remains on the monitoring list due to lack of transparency for its foreign exchange practices, including on the methods and manner of interventions in its yuan currency.
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