US Treasury Department: Insufficient evidence to conclude that Vietnam is manipulating its currency

17/04/2021
Today April 16, the US Department of Finance announced that there is not enough evidence to conclude that Vietnam is manipulating the currency as the initial investigation.
tiền đồng và tiền đô la mỹ e1544071338329
tiền đồng và tiền đô la mỹ e1544071338329
The US Treasury Department said there was insufficient evidence under the International Trade and Competition Act of 1988 to conclude that Vietnam and Switzerland were manipulating the exchange rate.

According to Reuters, a US Treasury official said Vietnam, Switzerland, and Taiwan met the criteria under the 2015 Act (Trade Enforcement and Enforcement Act of 2015) but did not manipulate currency.

The US said it will continue to work with Vietnam, Switzerland, and Taiwan to develop plans with concrete actions to address the underlying causes of low currency valuations and external imbalances.

 
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The US Treasury Department will strengthen its commitments with Vietnam and Switzerland, and at the same time evaluate more carefully the economic developments caused by the Covid-19 pandemic, to determine whether Vietnam and Switzerland will intervene in the currency market in 2020 "in order to create a competitive advantage in trade is not fair" or not.

In addition, the US also said that no other major trading partners of this country met the criteria in the 1988 Act and the 2015 Act on currency manipulation or further investigation during the last review period.

The US Treasury Department also called on China to improve transparency related to foreign exchange intervention activities, exchange rate management policy, the relationship between the central bank and foreign exchange operations of state-owned banks. as well as the country's activities on the overseas yuan market.

In addition, the US Treasury Department put 11 economies on the "Watch List" of the US for major trading partners that need to have a close observation of the monetary situation: China, Japan, and Korea. Country, Germany, Ireland, Italy, India, Malaysia, Singapore, Thailand, and Mexico..

Source: www.reuters.com

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