![]() The Treasury report criticized China's lack of transparency in its foreign exchange practices, citing a wide discrepancy between the People's Bank of China's foreign exchange assets and net foreign exchange settlement data, suggesting that state- owned banks were being used to conduct official interventions. "Foreign exchange interventions are necessary for Swiss monetary policy in order to maintain appropriate monetary conditions and thus price stability," the ministry said in a statement. ![]() Switzerland's finance ministry repeated its longstanding denial that the country's central bank engages in manipulation of the franc for an economic advantage. Ī Taiwanese central bank official said discussions with Washington would continue but blamed Taiwan's large trade deficit with the United States on strong demand for technology products fueled by the COVID-19 pandemic and production shifts prompted by U.S. The Treasury's latest report did not spark any significant immediate moves in the Taiwan dollar, the Vietnamese dong or the Swiss franc. The deal followed a Reuters report that Vietnam had sought to shift its spot dollar purchases to forward purchase contracts with banks to evade the Treasury criteria. Treasury to refrain from manipulation and make its exchange rate practices more transparent. The United States in July dropped a threat to impose tariffs on Vietnamese goods after the country's central bank agreed with the U.S. "This engagement includes urging the development of a plan with specific actions to address the underlying causes of currency undervaluation and external imbalances," Treasury said of the Taiwan engagement. Treasury said it was "satisfied with progress made by Vietnam to date" and would continue engagement started in May with Taiwan. ![]() Switzerland was moved to the Treasury's "Monitoring List" of major trading partners that merit close attention to their currency practices, along with 11 other countries that remained on the list: China, Japan, South Korea, Germany, Ireland, Italy, India, Malaysia, Singapore, Thailand, and Mexico. For Switzerland, which tripped only the trade and foreign exchange intervention thresholds, the Treasury said it would continue to conduct an in-depth analysis of the alpine country's practices for another year. The department said it would continue to work with Vietnam and Taiwan to address U.S. In the latest report, the Treasury found that no major trading partners during the year through June 2021 sought to manipulate their currencies for a trade advantage or for preventing effective balance of payments adjustments. ![]() Treasury exchange rates for free#Register now for FREE unlimited access to Register ![]()
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