Treasury's Vigilant Watch on Global Currency Moves Under Trump's New Era
In its first 2024 report, the U.S. Treasury found no currency manipulation among major trading partners but added Ireland and Switzerland to its watch list for scrutiny. Despite not labeling China a manipulator, the Treasury expressed concerns over China's lack of transparency in currency policies.
The U.S. Treasury Department, in a crucial report released under the new Trump administration, found no major trading partner guilty of currency manipulation in 2024. However, Ireland and Switzerland were newly added to a monitoring list, indicating heightened attention to their exchange rate practices.
Although China was not designated as a currency manipulator, the Treasury sent a stern warning due to the country's opaque exchange rate practices. Treasury emphasized that insufficient transparency would not prevent potential future actions if evidence showed China intervening to prevent yuan appreciation.
The report arrived shortly after President Trump's conversation with Chinese leader Xi Jinping amidst escalating U.S.-China trade tensions. With the greenback strengthening significantly, global currency dynamics remain pivotal in the evolving economic landscape.
(With inputs from agencies.)
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