US puts India on currency watch list, labels Switzerland as manipulator

Administrator_India

By Administrator_ India

Capital Sands

The US Treasury labeled Switzerland and Vietnam as currency manipulators on Wednesday and added India, Taiwan and Thailand to a watch list of countries it suspects of taking measures to devalue their currencies against the dollar.

The “monitoring list” of countries has now hit 10. Others on the list include China, Japan, Korea, Germany, Italy, Singapore and Malaysia.

Designation as a currency manipulator comes with no immediate penalties but can rattle financial markets.

The US government had earlier removed India from the monitoring watch list in May, 2019.

In what may be one of the last broadsides to international trading partners by the departing administration of President Donald Trump, the Treasury said that in the year through June 2020 Switzerland and Vietnam had intervened heavily in currency markets to prevent effective balance of payments adjustments.

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