June 20, 2024 at 09:02PM
This from the US Treasury twice yearly currency manipulation report
Found that no major us trading partner manipulated currency to gain
unfair trade advantage in four quarters through December 2023
Found no major
trading partner met criteria for enhanced analysis in four quarters
ending December 2023
Monitoring list of
trading partners whose currency practices ‘merit close attention’
includes China, Japan, Malaysia, Singapore, Taiwan, Vietnam, and
Germany
Foreign exchange
report reiterates call for increased currency transparency from China
China’s failure to
publish forex intervention and lack of exchange rate policy
transparency make China an ‘outlier,’ warrant close monitoring
Biden administration
strongly opposes attempts by trading partners to manipulate currency
values to gain unfair advantage over US workers
Japan intervened in
currency market in April and May 2024 to buy yen, sell dollars,
strengthening yen’s value
Japan is transparent
on foreign exchange interventions
Expects intervention
in large markets to be reserved for very exceptional circumstances
with appropriate prior consultations
China has used daily
yuan fix rate over the past year to prevent weakening of yuan,
without official explanation
Japan, Taiwan,
Vietnam, Germany on monitoring list due to significant bilateral us
trade surplus and material global current account surplus
Japan’s recent
currency market interventions were not a factor in adding japan to
forex report monitoring list
Forex report raises
questions on the accuracy of Chinese data on current account balance
more to come
This article was written by Eamonn Sheridan at www.forexlive.com.