Business

US puts 6 nations on monitoring list for currency practices

It has placed China, Germany, Japan, Korea, Switzerland and Taiwan in the monitoring list in its six-monthly report to the Congress.

"Treasury finds that six major trading partners warrant being placed on the monitoring list for special attention: China, Germany, Japan, Korea, Switzerland and Taiwan," the report said.

The US Department of Treasury on Friday concluded that no major trading partner of the US met the Congressional standards for currency manipulation in the second half of 2016.

Additionally, US department of the treasury established a "monitoring list" of major trading partners that merit close attention to their currency practices.

"An essential component of this administration's strategy is to ensure that American workers and companies face a level playing field when competing internationally," said treasury secretary Steven Mnuchin.

When our trading partners engage in currency manipulation, they impose significant, and often long-lasting hardship on American workers and businesses," he said.

"Expanding trade in a way that is freer and fairer for all Americans requires that other economies avoid unfair currency practices, and we will continue to monitor this carefully," he said.

In a statement, the treasury said the findings and recommendations of the Report are intended to combat potentially unfair currency practices and support the growth of free and fair trade.

"The United States cannot and will not bear the burden of an international trading system that unfairly disadvantages our exports and unfairly advantages the exports of our trading partners through artificially distorted exchange rates," it said.

Treasury is committed to aggressively and vigilantly monitoring and combating unfair currency practices, it added.

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