The US Treasury said the
The US Treasury added India to its watch list of countries with potentially questionable foreign exchange policies, joining China and four others, according to a report issued today.
Treasury said the « monitoring list » includes those « major trading partners that merit close attention to their currency practices ». In addition to India, the semi-annual report to Congress names five countries that continue on the list from October: China, Germany, Japan, Korea and Switzerland.
Countries remain on the list for two report cycles « to help ensure that any improvement in performance versus the criteria is durable and is not due to temporary factors. »
While no major trading partner was found to be manipulating its currency, five of those on the list meet two of the three criteria, while China is included because « it constitutes a disproportionate share of the overall US trade deficit. » The US has a deficit of USD 337 billion with China of a total global trade deficit of USD 566 billion, according to government data.
« We will continue to monitor and combat unfair currency practices, while encouraging policies and reforms to address large trade imbalances, » US Treasury Secretary Steven Mnuchin said in a statement.
