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U.S. refrains from currency manipulator label on major trade partners

Reuters  |  WASHINGTON 

(Reuters) - The again refrained from naming any major trading partners as currency manipulators on Friday as it pursues potential tariffs and negotiations to try to cut a massive trade deficit with

In its semi-annual currency report, the said it has added to a monitoring list for extra scrutiny, while keeping China, Japan, Germany, and on the list started in 2016.

The Treasury said that had increased its foreign exchange purchases over the first three quarters of 2017, with full-year purchases reaching a record $56 billion in 2017, or 2.2 percent of the country's

"Given that Indian foreign exchange reserves are ample by common metrics, and that maintains some controls on both inbound and outbound flows of private capital, further reserve accumulation does not appear necessary," the Treasury said in its report.

ran a goods trade surplus of $23 billion in 2017 with the United States, far less than China's $375 billion goods trade surplus.

Treasury's report did not mention Donald Trump's recent threats to impose billions of dollars worth of tariffs on Chinese goods over Beijing's intellectual property practices.

It said China's yuan in 2017 on a trade-weighted basis was broadly unchanged against the dollar.

"The increasingly non-market direction of China's economic development poses growing risks to its major trading partners and the long-term global growth outlook," the Treasury said.

It added that should advance macroeconomic reforms that support greater household consumption growth and help rebalance the away from investment.

It also said the Treasury "places significant importance" on adhering to its commitments to refrain from engaging in competitive devaluation of its yuan.

Some experts have speculated that could use yuan devaluation as a weapon in a broader trade war with the

(Reporting by David Lawder; Editing by Andrea Ricci)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, April 14 2018. 02:52 IST