US statement ‘we do not manipulate the exchange rate’

In the statement issued by the US Department of the Treasury, it was reported that the “Macroeconomic and Exchange Policy Report of the Main US Trading Partners” was presented to Congress.

The report said the Treasury was reviewing the policies of its major trading partners, which accounted for about 80 percent of US foreign trade in goods and services for the four quarters through December 2022.

Noting that the report analyzes the practices of major US trading partners in accordance with relevant law, the statement said: “The report establishes that no major US trading partner changes the exchange rate between its own currency and the US dollar to avoid effective balance of payments adjustments or to gain an unfair competitive advantage in international trade, it concluded that it was not manipulating.” statements were included.

In this report, Treasury reported that Switzerland did not meet one of the three criteria for advanced analysis under applicable law during the four quarters ending December 2022, and Switzerland’s analysis will continue until it is determined that the country does not complies. any criteria.

The statement also emphasized that the Treasury will continue its strengthened bilateral relationship with the country to discuss policy options to address the underlying causes of external imbalances by the Swiss authorities.

Noting that seven countries are on the “watch list” of major Treasury trading partners whose monetary practices and macroeconomic policies must be closely monitored, such countries are listed as China, South Korea, Germany, Malaysia, Singapore, Switzerland and Taiwan. .

The report also reiterated Treasury’s call for China to increase transparency, noting that China’s failure to go public with its monetary intervention and the lack of broader transparency on key features of the exchange rate mechanism places China in an outlier among major economies and led Treasury to take a close look at indicated required.

“TESORO IS CONTINUED TO BE CONSCIOUS”

“However, Russia’s war against Ukraine continues to weigh on the outlook and threatens energy and food insecurity,” US Treasury Secretary Janet Yellen said. she performed her assessment.

Yellen noted that differing growth and inflation prospects, along with fundamentals such as interest rate differences across countries, terms-of-trade shocks, and long-term growth prospects, lead to a number of policy actions that have important effects on currencies.

Explaining that most of the foreign exchange interventions by US trading partners last year were in the form of selling dollars, actions that serve to strengthen their currencies, Yellen said: “The Treasury remains attentive to monetary practices and the policy configuration of countries and their consistency with strong, sustainable and balanced global growth.” he used the phrase. (AA)