Will Vietnam return to the U.S. foreign exchange monitoring list?According to Investing.com

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©Reuters

According to Donghai

Investing.com – According to the U.S. Treasury Department’s currency report for the first half of the year ending June 2023, multiple countries and regions are included in the watch list, including Vietnam, China, Germany, Malaysia, Singapore and Taiwan.

These countries and regions exceed two of the three thresholds: a trade surplus with the United States of more than $15 billion, a global current account surplus of more than 3% of GDP, and net foreign exchange purchases exceeding 2% of GDP for a sustained period of one year. .

Vietnam was put back on the monitoring list after the global current account surplus jumped to 4.7% of GDP during the monitoring period. This shows that Vietnam’s exports are growing rapidly as companies shift some production from China to Vietnam.

Switzerland and South Korea were removed from the monitoring list after meeting only one criterion for two consecutive monitoring periods.

Previously, the administration of former US President Trump claimed that Vietnam and Switzerland had become currency manipulators due to their currency intervention measures.

However, a U.S. Treasury official said there were no signs of a deterioration in the quality of Vietnam’s foreign exchange activities and cooperation with the U.S. government on currency issues.

While there have been some interventions in foreign exchange markets, such as in Japan, these have been aimed at increasing the value of the currency against the dollar rather than promoting exports.

Treasury officials also said China remains on the watch list due to a lack of transparency in foreign exchange activities, including the manner and manner of intervening in the yuan. The U.S. Treasury Department estimates that China intervened to support the yuan during the most recent monitoring period, but not enough to have any serious impact.

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