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US Treasury report clears Japan of FX manipulation, but says will monitor them

This from the US Treasury twice yearly currency manipulation report

  • Found that no major us trading partner manipulated currency to gain
    unfair trade advantage in four quarters through December 2023
  • Found no major
    trading partner met criteria for enhanced analysis in four quarters
    ending December 2023
  • Monitoring list of
    trading partners whose currency practices ‘merit close attention’
    includes China, Japan, Malaysia, Singapore, Taiwan, Vietnam, and
    Germany
  • Foreign exchange
    report reiterates call for increased currency transparency from China
  • China’s failure to
    publish forex intervention and lack of exchange rate policy
    transparency make China an ‘outlier,’ warrant close monitoring
  • Biden administration
    strongly opposes attempts by trading partners to manipulate currency
    values to gain unfair advantage over US workers
  • Japan intervened in
    currency market in April and May 2024 to buy yen, sell dollars,
    strengthening yen’s value
  • Japan is transparent
    on foreign exchange interventions
  • Expects intervention
    in large markets to be reserved for very exceptional circumstances
    with appropriate prior consultations
  • China has used daily
    yuan fix rate over the past year to prevent weakening of yuan,
    without official explanation
  • Japan, Taiwan,
    Vietnam, Germany on monitoring list due to significant bilateral us
    trade surplus and material global current account surplus
  • Japan’s recent
    currency market interventions were not a factor in adding japan to
    forex report monitoring list
  • Forex report raises
    questions on the accuracy of Chinese data on current account balance

more to come

This article was written by Eamonn Sheridan at www.forexlive.com.

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