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US Treasury: China no currency manipulator, but still on watch list
THE US put China, Japan and Germany on a new currency watch list, saying that their exchange practices bear close scrutiny, but declared it was not a currency manipulator as many suspected, reports Bloomberg News.
The inaugural list also includes South Korea and Taiwan, the US Treasury said Friday in a revamped version of its semi-annual report on the foreign-exchange policies of major trading partners.
The Treasury had already been monitoring under a 1988 law. In the latest report, the department concluded that no major trading partner qualified as a currency manipulator; the last country it labelled a manipulator was China, in 1994.
Treasury said China's yuan "should continue to experience real appreciation over the medium term." In the department's last report, in October, it said the yuan was "below its appropriate medium-term valuation." Before that, the department had said the yuan was "significantly undervalued," a description it avoided again.
The Treasury said more clarity from China on its exchange-rate goals, including on its commitment not to devalue its currency to boost growth, would help stabilise the market.
The inaugural list also includes South Korea and Taiwan, the US Treasury said Friday in a revamped version of its semi-annual report on the foreign-exchange policies of major trading partners.
The Treasury had already been monitoring under a 1988 law. In the latest report, the department concluded that no major trading partner qualified as a currency manipulator; the last country it labelled a manipulator was China, in 1994.
Treasury said China's yuan "should continue to experience real appreciation over the medium term." In the department's last report, in October, it said the yuan was "below its appropriate medium-term valuation." Before that, the department had said the yuan was "significantly undervalued," a description it avoided again.
The Treasury said more clarity from China on its exchange-rate goals, including on its commitment not to devalue its currency to boost growth, would help stabilise the market.
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