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FOREX: No FX Manipulation Per US Report, But South Korea Added To Watch List

FOREX
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The US Biden administration has released its final semi-annual report on currency markets, formulated by the Treasury Department. 

  • The Treasury noted: "In this Report, Treasury found that no major trading partner met all three criteria for enhanced analysis under the Trade Facilitation and Trade Enforcement Act of 2015 during the four quarters ending June 2024." See this link.
  • "Seven economies are on Treasury’s “Monitoring List” of major trading partners that merit close attention to their currency practices and macroeconomic policies: China, Japan, Korea, Singapore, Taiwan, Vietnam, and Germany."
  • Malaysia was removed from the monitoring list, but South Korea was added. The report stated:
  • "In this Report, Japan, Korea, Taiwan, Vietnam, and Germany all meet the criteria for having a significant bilateral trade surplus with the United States and a material current account surplus, and Singapore meets the criteria for engaging in persistent, one-sided foreign exchange intervention and having a material current account surplus. Malaysia met one criterion in the last Report and in this Report. It has therefore been removed from the Monitoring List in this Report.
  • And "China’s failure to publish foreign exchange intervention and broader lack of transparency around key features of its exchange rate mechanism continues to make it an outlier among major economies and warrants Treasury’s close monitoring. It remains on the Monitoring List for this reason as well as due to its outsized trade imbalance with the United States."
  • On Japan the report stated: "Japan is transparent with respect to foreign exchange operations, regularly publishing its
    foreign exchange interventions each month. Treasury’s firm expectation is that in large, freely traded exchange markets, intervention should be reserved only for very exceptional circumstances with appropriate prior consultations."  
     
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The US Biden administration has released its final semi-annual report on currency markets, formulated by the Treasury Department. 

  • The Treasury noted: "In this Report, Treasury found that no major trading partner met all three criteria for enhanced analysis under the Trade Facilitation and Trade Enforcement Act of 2015 during the four quarters ending June 2024." See this link.
  • "Seven economies are on Treasury’s “Monitoring List” of major trading partners that merit close attention to their currency practices and macroeconomic policies: China, Japan, Korea, Singapore, Taiwan, Vietnam, and Germany."
  • Malaysia was removed from the monitoring list, but South Korea was added. The report stated:
  • "In this Report, Japan, Korea, Taiwan, Vietnam, and Germany all meet the criteria for having a significant bilateral trade surplus with the United States and a material current account surplus, and Singapore meets the criteria for engaging in persistent, one-sided foreign exchange intervention and having a material current account surplus. Malaysia met one criterion in the last Report and in this Report. It has therefore been removed from the Monitoring List in this Report.
  • And "China’s failure to publish foreign exchange intervention and broader lack of transparency around key features of its exchange rate mechanism continues to make it an outlier among major economies and warrants Treasury’s close monitoring. It remains on the Monitoring List for this reason as well as due to its outsized trade imbalance with the United States."
  • On Japan the report stated: "Japan is transparent with respect to foreign exchange operations, regularly publishing its
    foreign exchange interventions each month. Treasury’s firm expectation is that in large, freely traded exchange markets, intervention should be reserved only for very exceptional circumstances with appropriate prior consultations."