US monitors currency activities of 6 countries
The US Treasury Department said it had identified six trading partners that deserve to be on a monitoring list with special attention, including China, Germany, India, Japan, South Korea and Switzerland.
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| US Treasury Department headquarters in Washington, DC. (Source: AFP/VNA) |
However, the department also concluded that no major US trading partner was manipulating its currency to gain an unfair trade advantage, although the US is concerned about the recent depreciation of the yuan as Washington and Beijing face off in a tariff war.
In a six-month report to the US Congress, the department said it had identified six trading partners that deserve to be on the monitoring list with special attention, including China, Germany, India, Japan, South Korea and Switzerland.
US Treasury Secretary Steven Mnuchin has cited a lack of transparency in China's exchange rate practices and the recent depreciation of the yuan - more than 7% against the dollar since mid-June - as a source of "particular concern" for the US.
"These present significant challenges to our goal of achieving fairer and more balanced trade... We will continue to monitor and review China's currency practices, including through ongoing discussions with the People's Bank of China," Mr. Mnuchin said./.