India features in US list meriting close attention to currency practices

For the first time India has been listed along with China, Japan, Germany, South Korea and Switzerland as six major US trading partners that warrant placement on a monitoring list meriting close attention to their currency practices.

The US Department of the Treasury delivered to Congress the semi-annual Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners.
While the currency practices of six countries were found to require close attention, no major trading partner met the relevant legislative criteria for enhanced analysis in 2017. Similarly, no trading partner was found to have met the legislative standards for currency manipulation during the current reporting period.
“The Treasury Department is working vigorously to ensure that trade is free, fair, and reciprocal so American workers and companies can compete and succeed globally,” said Treasury Secretary Steven T. Mnuchin. “We will continue to monitor and combat unfair currency practices, while encouraging policies and reforms to address large trade imbalances.”
The findings and recommendations aim “to combat potentially unfair currency practices, support the growth of free and fair trade, and secure stronger and more balanced global growth. Achieving these goals requires that all economies durably avoid macroeconomic, foreign exchange, and trade policies that facilitate unfair competitive advantage,” said the department.