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December 6, 2021

U.S. Treasury Department Opts Not To Name Currency Manipulators

In its semiannual report to Congress outlining foreign exchange policies, the U.S. Department of the Treasury concluded that no major U.S. trading partners were manipulating exchange rates with the United States for purposes of gaining an unfair trade advantage.

The department said 12 countries warranted placement on its “Monitoring List” for currency practices, however. They are: China, Japan, Korea, Germany, Ireland, Italy, India, Malaysia, Singapore, Thailand, Mexico, and Switzerland. Each of those countries, with the exception of Switzerland, was on the Monitoring List in the Treasury Department’s April 2021 Report.

While the agency did not name China as a currency manipulator, it emphasized that China’s “failure to publish foreign exchange intervention data and broader lack of transparency around key features of its exchange rate mechanism make it an outlier among major economies.” Treasury Department officials pledged to closely monitor the foreign exchange activities of China’s state-owned banks.

Read more here.