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U.S. Treasury says Vietnam, Taiwan exceed currency thresholds, but no manipulator labels -Breaking

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© Reuters. FILE PHOTO – The United States Department of the Treasury can be seen at Washington, D.C., U.S.A, August 30, 2020. REUTERS/Andrew Kelly/File Photograph

Andrea Shalal and David Lawder

(Reuters] – While the U.S. Treasury Department stated that Vietnam and Taiwan were still exceeding its currency manipulation thresholds and underwent enhanced analysis as a result of a 2015 U.S. commerce law, it did not officially label them as manipulators.

According to the Treasury, in its semi-annual currency reports, there was no indication that major trading partners of the United States sought to manipulate currencies to gain a competitive advantage or prevent effective balance payments adjustments. This report covers the period June 2021 through June 2021.

It stated that Vietnam, Taiwan and current account exceeded the thresholds for its foreign exchange interventions, trade surplus and current account. The United States will be working with it to solve their concerns.

Treasury expressed satisfaction with Vietnam’s progress to date and vowed to continue the engagement it began with Taiwan in May.

Treasury spoke out about the Taiwan engagement, saying that it had urged the creation of a plan to correct the root causes of currency imbalances and undervaluation.

Treasury claimed that Switzerland, which Trump called a manipulator in 2020, only swept two of three thresholds. But, Treasury will continue to do an in-depth review of Switzerland’s practices at least for another year.

Treasury announced that Switzerland was added to the “Monitoring List”, a list of trading partners with significant currency issues. This includes 11 other countries including China, Japan, South Korea and South Korea.

Janet Yellen, Treasury Secretary said that “Treasury works relentlessly to promote a more robust and balanced global recovery that benefits American employees,” in a statement accompanying this report.

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