Taiwan remains on U.S. Treasury currency monitoring list

Washington, Nov. 14 (CNA) Taiwan has remained on the United States Department of the Treasury's monitoring list of major trading partners that merit close attention to their currency practices and macroeconomic policies, marking one of the longest ongoing consecutive appearances.

This is Taiwan's sixth straight appearance on the twice-yearly list, which also included China, Japan, South Korea, Singapore, Vietnam and Germany.

The U.S. Treasury found no attempts by these seven countries to manipulate their currency exchange rates for unfair competitive advantage. Together, these nations accounted for about 78 percent of U.S. foreign trade in goods and services over the four quarters ending in June 2024, according to the statement.

"Treasury firmly advocates for our major trading partners to adopt policies that support strong, sustainable and balanced global growth and reduce excessive external imbalances," U.S. Secretary of the Treasury Janet L. Yellen said in the statement.

The U.S. Treasury suggested that Taiwanese authorities closely monitor risks in its non-bank financial sector, including foreign exchange risks, and advised that "foreign exchange intervention should be limited, allowing currency movements to align with economic fundamentals."

Meanwhile, the Treasury urged China to increase the transparency of its foreign exchange interventions and key features of its exchange rate policy. This issue was first raised by the U.S. department in its October 2018 report.

Failure to improve transparency, the Treasury argued, will "make China an outlier among major economies and warrant Treasury's close monitoring."

South Korea was included in the list for the first time since June 2023, while Malaysia was absent for the first time since May 2019.

China and Germany have featured on every list since October 2018, according to U.S. Treasury data.