US: We did not manipulate the exchange rates of any trading partner

The U.S. Treasury Department reported that no major U.S. trading partner manipulated the exchange rate between their currency and the US dollar for export advantage during the four quarters ending June 2023. In a statement made by the U.S. Treasury Department, it was noted that the "Report on Macroeconomic and Foreign Exchange Policies of the Major Trading Partners of the United States" was submitted to Congress. It was stated in the statement that the practices of the major trading partners with which the U.S. carries out 78 percent of its foreign trade in goods and services were analyzed and that it was concluded that none of the country's major trading partners manipulated the exchange rate between their currency and the US dollar for export advantage during the four quarters ending June 2023. The statement stated that no major trading partner met the criteria for advanced analysis under the relevant law during the four quarters ending June 2023. Watch list pointed out The statement pointed out the Treasury's "watch list" of major trading partners whose currency practices and macroeconomic policies should be paid close attention to, and the 6 countries on this list are; The lists are as follows: China, Germany, Malaysia, Singapore, Taiwan, and Vietnam. South Korea and Switzerland, which were on the watch list in the previous report, were removed from the list, while the re-inclusion of Vietnam on the list is notable. The statement reiterated the Treasury’s call for China to increase transparency, noting that China’s failure to publish its foreign exchange intervention and the lack of broader transparency about the key features of its exchange rate mechanism put the country in an outlier position among major economies and required close monitoring by the Treasury. “Global economic outlook faces heightened uncertainty” In her assessment of the report, US Treasury Secretary Janet Yellen noted that the global economy remained more resilient than estimated a year ago, but explained that the global economic outlook continued to face heightened uncertainty related to the Russia-Ukraine war, geopolitical tensions in the Middle East, still-high core inflation, and the potential for deepening stress in China’s real estate sector. "The majority of U.S. trading partners' foreign exchange interventions during the reporting period took the form of selling dollars, actions that served to strengthen their currencies," Yellen said. "However, the Treasury remains vigilant against countries' currency practices, and the Biden Administration strongly opposes attempts by U.S. trading partners to artificially manipulate currency values in order to gain unfair advantage over American workers."