Home World US REMOVES INDIA FROM CURRENCY MONITORING LIST

US REMOVES INDIA FROM CURRENCY MONITORING LIST

Indian rupee not in Currency Monitoring List
US removes Indian rupee from its Currency Monitoring List

The US Treasury Department has removed Indian Rupee from its updated Currency Monitoring List of major trading partner nations. India had been placed in the watch list in October 2018

The US Treasury Department has removed India from its Currency Monitoring List of major trading partners. China, however, continues to remain on its watch list as China, India  Japan, Germany, Switzerland and South Korea, were placed in the bi-annual currency watch list in October last year.

In its semi-annual report to US Congress on International Economic and Exchange Rate Policies 2019, the Treasury Department on May 29, removed India and Switzerland from the previous currency watch list of countries which possess potentially questionable foreign exchange policies.

The US, however, continued to keep China on its watch list, while urging the Asian nation to take necessary steps to avoid a “persistently weak currency”.

“Treasury continues to urge China to take the necessary steps to avoid a persistently weak currency,” said US Treasury Secretary Steven Mnuchin.

Mr Mnuchin stated that China’s Renminbi(Yuan)  has fallen by over eight per cent against the dollar in the last fiscal year. He also noted that China’s trade surplus with the US has also broadened. “China’s goods trade surplus with US stands at $419 billion over the four quarters through December 2018,” the report has stated.

Besides China, the currency watch list has also included Japan, South Korea, Germany, Ireland, Italy, Malaysia, Vietnam and Singapore, according to the Treasury Department’s latest release in May 2019. The aforementioned nine major trading partners continue to warrant placement on major trading partners that merit close attention to their currency practices.

However, the US Treasury Department, in its report, has declined to designate China or any other major trading partner as a major currency manipulator.

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