U.S. Designates Taiwan a Currency Manipulator
By Yuka Hayashi
WASHINGTON -- The Treasury Department added Taiwan to its list
of currency manipulators, saying the country's central bank
continues to actively intervene in the foreign-exchange market.
Vietnam and Switzerland remained on the list, after receiving
the label in January.
The designations came in the Treasury's semiannual report that
analyzes foreign-exchange and economic policies of major U.S.
trading partners. It was the first report issued under Treasury
Secretary Janet Yellen.
"Treasury is working tirelessly to address efforts by foreign
economies to artificially manipulate their currency values that put
American workers at an unfair disadvantage," Ms. Yellen said
The report has traditionally been used as a diplomatic tool to
prod countries deemed to artificially weaken their currencies to
help domestic businesses against foreign competitors.
The designation is largely symbolic. U.S. law requires the
administration to initiate consultations with designated nations,
but it imposes no immediate penalties.
Write to Yuka Hayashi at email@example.com
(END) Dow Jones Newswires
April 16, 2021 09:15 ET (13:15 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.