The United States, while showing a strict attitude towards India, has also put it in the ‘monitoring list’ of currency manipulators, along with ten countries like China, Taiwan. America has put ten countries including India in this list. They are all its big business partners.
Apart from India, China, Taiwan, Japan, South Korea, Germany, Italy, Singapore, Thailand and Malaysia are on this watch list. The United States has already placed Vietnam and Switzerland in the category of currency manipulators. The US Finance Ministry has given this information in a report presented in Congress on Wednesday.
What was said in the report
According to the news agencies, the report said that in its last four quarters up to June 2020, four major trading partner countries of America – India, Vietnam, Switzerland and Singapore have continuously intervened in their foreign exchange market.
The report noted that Vietnam and Switzerland have identified potentially inappropriate currency swings or excessive external imbalances that have impacted the US growth or have hurt American workers and companies.
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Steps to protect American businesses!
US Finance Minister Steven T. Mnuchin said, “The Finance Ministry has taken a strong step today to protect the economic growth and opportunities of American workers and businesses.”
The report of the United States Finance Ministry says that these ten countries need special monitoring and Taiwan, Thailand and India are being added to this list.
Significantly, according to the Reserve Bank data, in the second half of the year 2019, there has been a boom in the purchase of foreign currency by India. Similarly, in the first half of 2020, India has maintained a pure foreign currency purchase.
