KOLKATA India, Taiwan and Thailand are the Asian economies most recently added to the United States’ currency manipulation watch list.
The three countries are on the “monitoring list,” which now includes China, Japan, South Korea, Germany, Italy, Singapore and Malaysia. Vietnam and Switzerland have been tagged as a currency manipulators. The countries are named in a U.S. Treasury report to Congress on Dec. 16.
Regarding Vietnam and Switzerland, the report states: “Treasury assessed, based on a range of evidence and circumstances, that at least part of its exchange rate management over the four quarters through June 2020, and particularly foreign exchange intervention, was for purposes of preventing effective balance of payments adjustments and, in the case of Vietnam, for gaining unfair competitive advantage in international trade as well.”