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India removed from US Currency Monitoring List, China remains



The United States continued to hold China on its currency watch list.

Washington:

The US Treasury Department has removed India from its currency trading list of major trading partners. However, it continued to hold China on its watch list while calling on the Asian nation to take the necessary steps to avoid a "persistent weak currency".

In its half-yearly report to the US Congress on International Economic and Exchange Rate Policies, the Treasury removed India and Switzerland on Tuesday from the former currency chart of countries with potentially dubious currency policies.

India joined China, Japan, Germany, Switzerland and South Korea in the two-year currency monitoring list last October.

However, the United States continued to hold China on its watch list and called on the Asian nation to take the necessary steps to avoid a "persistently weak currency".

"Treasury continues to urge China to take the necessary steps to avoid a persistently weak currency," US Treasury Secretary Steven Mnuchin said in a statement.

Mnuchin stated that China's Renminbi had fallen against the dollar by eight percent over the past year. He also noted that China's trade surplus with the United States has also expanded.

"China's trade surplus with the US stands at USD 41

9 billion over the four quarters until December 2018," the report says.

In addition to the China list, Japan, South Korea, Germany, Ireland, Italy, Malaysia, Vietnam and Singapore also included, according to the Ministry of Finance's latest report.

"Treasury found that nine major trading partners still guarantee placement on Treasury's" Watch List "of major trading partners who pay close attention to their currency practices," Mnuchin said.

However, in its report, the department has refused to designate China or any other major trading partner as a currency manipulator.

"No trading partner proved to have met the regulatory standards for 1988 in the current reporting period," the report concluded.

(This story has not been edited by NDTV staff and is automatically generated from a syndicated feed.)


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