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US Removes India From Currency Monitoring List Of Trading Partners

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The US has removed India from its currency monitoring list of major trading partners. The US Department of the Treasury delivered to Congress the semiannual Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States yesterday. Treasury reviewed and assessed in this Report the policies of an expanded set of 21 major US trading partners. Additionally, Treasury revised and updated the thresholds it uses to assess where unfair currency practices or imbalanced macroeconomic policies may be emerging. The US also removed Switzerland from the list. In both India and Switzerland, there was a notable decline in 2018 in the scale and frequency of foreign exchange purchases.

The Report concluded that while the currency practices of nine countries were found to require close attention, no major US trading partner met the relevant 2015 legislative criteria for enhanced analysis during the period covered by the Report. Further, no trading partner was found to have met the 1988 legislative standards during the current reporting period.

The Treasury Department is working vigorously to achieve stronger growth and to ensure that trade expands in a way that helps US workers and firms and protects them from unfair foreign trade practices. Treasury found that nine major trading partners continue to warrant placement on Treasury's "Monitoring List" of major trading partners that merit close attention to their currency practices: China, Germany, Ireland, Italy, Japan, Korea, Malaysia, Singapore, and Vietnam.

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

First Published: Wed, May 29 2019. 12:41 IST