India among 12 economies on currency ‘Monitoring List’ of US treasury | World News,The Indian Express
The Treasury said that India met two of the three criteria in the December 2021 and the April 2021 Reports, having a significant bilateral trade surplus with the US and engaged in persistent, one-sided intervention over the reporting period.
India on Friday remained on the US treasury department’s currency “Monitoring List” of major trading partners as Washington placed India along with 11 other major economies that merit close attention to their currency practices and macroeconomic policies.
The countries are China, Japan, South Korea, Germany, Italy, India, Malaysia, Singapore, Thailand, Taiwan, Vietnam and Mexico, said the US Department of Treasury in its semi-annual Report to Congress on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States.
All except Taiwan and Vietnam (which were subject to enhanced engagement) were on the Monitoring List in the December 2021 Report, a media release said.
“The Administration continues to strongly advocate for our major trading partners to carefully calibrate policy tools to support a strong and sustainable global recovery. An uneven global recovery is not a resilient recovery. It intensifies inequality, exacerbates global imbalances and heightens risks to the global economy,” said Secretary of the Treasury Janet L Yellen.
Explaining its decision to keep India on the list, the Treasury said that India met two of the three criteria in the December 2021 and the April 2021 Reports, having a significant bilateral trade surplus with the US and engaged in persistent, one-sided intervention over the reporting period.
Rating: 5