Thailand is still one of 12 countries on the US Treasury Department’s “Monitoring List” of major trading partners that merit close attention to their currency practices. (Bangkok Post photo) Vietnam and Taiwan again exceeded the US Treasury’s thresholds for possible currency manipulation and enhanced analysis under a 2015 trade law, but the department on Friday refrained from formally branding them as manipulators. Switzerland also narrowly escaped triggering all three manipulation criteria in the Treasury’s latest semi-annual currency report, thanks to revised, broader measurements for trade and current account surpluses and foreign exchange market interventions. All three had tripped the Treasury’s thresholds in April prompting more intensive US engagement to revise their practices. Former President Donald Trump’s administration had branded Vietnam and Switzerland as manipulators in December, invoking a 1988 currency law. In the latest report, the Treasury found that no major trading partners during the year through June 2021 sought to manipulate their currencies for a trade advantage or for preventing effective balance of payments adjustments. The department said it would continue to work with Vietnam and Taiwan to address US concerns. For Switzerland, which tripped only the trade and foreign exchange intervention thresholds, the Treasury said it would continue… Read full this story
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