Skip to content 
Search

Latest Stories

US Treasury removes India from its Currency Monitoring List

China, Japan, Korea, Germany, Malaysia, Singapore, and Taiwan are the seven economies that are a part of the current monitoring list.

US Treasury removes India from its Currency Monitoring List

The US Department of Treasury on Friday (11) removed India along with Italy, Mexico, Thailand and Vietnam from its Currency Monitoring List of major trading partners that merit close attention to their currency practices and macroeconomic policies.

India had been on the list for the last two years.


The move came on a day when Secretary of the Treasury Janet Yellen visited New Delhi and held talks with Finance Minister Nirmala Sitharaman.

China, Japan, Korea, Germany, Malaysia, Singapore, and Taiwan are the seven economies that are a part of the current monitoring list, the Department of Treasury said in its biannual report to the Congress.

The countries that have been removed from the list have met only one out of three criteria for two consecutive reports, it said.

“China’s failure to publish foreign exchange intervention and broader lack of transparency around key features of its exchange rate mechanism makes it an outlier among major economies and warrants Treasury’s close monitoring,” said the report.

Notably, Switzerland once again exceeded the thresholds for all three criteria, which is a parameter for being labelled as a "Currency Manipulator".

But the term was not used by the Report and the Treasury Department maintained that there is not enough evidence to use the label for Switzerland.

The Treasury will continue its enhanced bilateral engagement with Switzerland, which commenced in early 2021, to discuss the Swiss authorities’ policy options to address the underlying causes of its external imbalances, a media note said.

In this report, Treasury reviewed and assessed the policies of major US trading partners, comprising roughly 80 per cent of US foreign trade in goods and services, during the four quarters through June 2022.

“The global economy was already dealing with supply and demand imbalances caused by COVID-19 prior to Russia’s illegal war against Ukraine, which has increased food, fertilizer, and energy prices— further elevating global inflation and increasing food insecurity,” said Treasury Secretary Yellen.

Major economies facing different stresses may accordingly pursue different policies, which can be reflected in currency movements. The Treasury is cognizant that a range of approaches by developing and emerging economies to global economic headwinds may be warranted in certain circumstances, she said.

(PTI)

More For You

Air India flight crash
Air India's Boeing 787-8 aircraft, operating flight AI-171 to London Gatwick, crashed into a medical hostel complex shortly after take-off from Ahmedabad on June 12.
Getty Images

Air India crash probe finds fuel to engines was cut off before impact

Highlights

 
     
  • Fuel to both engines of the Air India flight was cut off seconds before the crash
  •  
  • A pilot was heard questioning the other over the cut-off; both denied initiating it.
  •  
  • The Dreamliner crashed shortly after take-off from Ahmedabad, killing 260 people.
  •  
  • Investigators are focusing on fuel switch movement; full analysis may take months.

FUEL control switches to both engines of the Air India flight that crashed shortly after takeoff were moved from the "run" to the "cutoff" position seconds before the crash, according to a preliminary investigation report released early Saturday.

Keep ReadingShow less
Chinese vessel tracked in Bay of Bengal after disabling identification system

The Indian Navy and Coast Guard have consistently reported Chinese research vessel presence. (Representational image: Getty Images)

Chinese vessel tracked in Bay of Bengal after disabling identification system

A Chinese research vessel was detected operating in the Bay of Bengal near Indian waters while attempting to conceal its presence by disabling its Automatic Identification System (AIS), according to a report by The Economic Times, citing French maritime intelligence firm Unseenlabs.

The French company conducted a 16-day satellite-based survey tracking ships through radio frequency emissions. It monitored 1,897 vessels, with 9.6 per cent showing no AIS activity, indicating attempts to avoid detection. The survey raised concerns amid increased Chinese activity in the region.

Keep ReadingShow less
Asian-inspired garden earns
five awards at Hampton Court

(From left) Malcolm Anderson (RHS, head of sustainability) Clare Matterson (RHS director general), Lorraine Bishton (Subaru UK and Ireland, managing director) Andrew Ball (director, Big Fish Landscapes) Mike McMahon and Jewlsy Mathews with the medals

Asian-inspired garden earns five awards at Hampton Court

BRITISH Asians are being encouraged to take up gardening by a couple who have won a record five medals at the Royal Horticultural Society’s Hampton Court Palace Garden Festival.

“It’s a contemporary reimagining of a traditional walled garden, highlighting the British and Irish rainforests,” said Jewlsy Mathews, who was born in Britain of parents from Kerala, a southern Indian state known for its lush vegetation.

Keep ReadingShow less
uk weather

Amber heat health alerts have been issued across several regions of England

iStock

England faces widespread heat alerts and hosepipe bans amid rising temperatures

Highlights:

  • Amber heat health alerts in place for large parts of England
  • Hosepipe bans announced in Yorkshire, Kent and Sussex
  • Temperatures could reach 33°C over the weekend
  • Health risks rise, especially for elderly and vulnerable groups

Heat warnings in effect as UK braces for another hot weekend

Amber heat health alerts have been issued across several regions of England, with temperatures expected to climb to 33°C in some areas over the weekend. The UK Health Security Agency (UKHSA) activated the warning at 12 pm on Friday, with it set to remain in place until 9 am on Monday.

The alerts cover the East Midlands, West Midlands, south-east, south-west, East of England, and London. Additional yellow alerts were issued for the north-east, north-west, and Yorkshire and the Humber, starting from midday Friday.

Keep ReadingShow less
Essex ladybird invasion

One of the largest gatherings was filmed on a beach at Point Clear

Dee-anne Markiewicz / SWNS

Swarms of ladybirds invade Essex coastline amid soaring temperatures

Highlights:

  • Ladybird swarms reported across Essex and Suffolk coastal towns
  • Hot weather likely driving the sudden surge in population
  • Sightings include Point Clear, Shoebury, Clacton and Felixstowe
  • Similar outbreaks occurred in 1976 during another hot UK summer

Sudden surge in ladybird numbers across the southeast

Millions of ladybirds have been spotted swarming towns and villages along the Essex coast, with similar sightings stretching into Suffolk. Residents have reported unusually high numbers of the red and black-spotted insects, particularly near coastal areas, with the recent hot weather believed to be a major contributing factor.

One of the largest gatherings was filmed on a beach at Point Clear, a village near St Osyth in Essex, where the insects could be seen piling on top of each other on driftwood and plants.

Keep ReadingShow less