Washington (Sputnik) – the practice of currencies of six major U.S. trading partners – China, Japan, Germany, South Korea, India and Switzerland have been named as potential manipulators of the exchange rate, partly due to a large positive trade balance with the United States, said in a semiannual report to Congress U.S. Department of the Treasury.
“Treasury found that of six major trade partners guarantee the placement on the ‘watchlist’ major trading partners, which deserve close attention to their monetary practices,” the press release containing a summary of the report said Friday.
India was included in the list for the first time, while China, Germany, Japan, Korea and Switzerland were saved from the previous reports, the release said.
No country, including the six listed, complied with the requirements of the law being branded “currency manipulators” in accordance with the 1988 act, requires twice yearly reports to Congress on foreign currency practices, the release noted.
Intentionally undervalued national currency can increase trade surplus of the country through import export cheap and expensive.
Sourse: sputniknews.com
