UPDATE 1-U.S. says Switzerland exceeds currency thresholds, no manipulator tag & More News Here

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WASHINGTON, June 10 (Reuters) – The U.S. Treasury Department on Friday stated Switzerland continued to exceed its thresholds for doable currency manipulation beneath a 2015 U.S. commerce legislation, however avoided branding it – or every other nation – a currency manipulator.

The Treasury stated it could proceed an enhanced bilateral engagement with Switzerland that started in early 2021 to debate Swiss authorities’ choices to handle the underlying causes of its exterior imbalances.

A senior Treasury official stated these talks had been going effectively, and Switzerland confronted some distinctive challenges that affected its present account steadiness, together with occasional secure haven inflows, akin to firstly of Russia’s struggle in opposition to Ukraine.

Vietnam and Taiwan additionally continued to exceed some thresholds for doable currency manipulation, Treasury stated in its semi-annual report, saying that it could proceed an in-depth evaluation of their alternate price insurance policies.

The report concluded that no main buying and selling associate manipulated its alternate price with the U.S. greenback for functions of stopping efficient steadiness of funds changes or gaining unfair aggressive benefit in worldwide commerce.

But it stated it remained involved about sure economies elevating the size and persistence of international alternate intervention to withstand appreciation of their currencies according to financial fundamentals, and proceed to press surplus international locations to take steps to spice up home demand.

“The administration continues to strongly advocate for our major trading partners to carefully calibrate policy tools to support a strong and sustainable global recovery,” Treasury Secretary Janet Yellen said in a statement released with the report. “An uneven global recovery is not a resilient recovery. It intensifies inequality, exacerbates global imbalances, and heightens risks to the global economy.”

Treasury put twelve major trading partners on its “Monitoring List” for currency practices and macroeconomic insurance policies: China, Japan, South Korea, Germany, Italy, India, Malaysia, Singapore, Thailand, Taiwan, Vietnam, and Mexico.

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All except Taiwan and Vietnam – which were subject to enhanced engagement – were on the list in the Treasury’s December 2021 report.

The report was issued within hours of Japan’s government and central bank issuing a joint statement flagging their concern about recent sharp falls in the yen, the strongest warning yet that Tokyo could intervene to support its currency.

The Treasury report took note of the sharp drop in Japan’s yen so far in 2022, saying it was largely due to interest rate differentials arising from the Bank of Japan’s continued accommodative monetary policy stance.

The report continued to voice concerns about China’s failure to publish foreign exchange intervention data and a broader lack of transparency about its exchange rate mechanism, saying Treasury would closely monitor the foreign exchange activities of China’s state-owned banks. (Reporting by Andrea Shalal and Dan Burns; editing by Carmel Crimmins Editing by Chizu Nomiyama)

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