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

Brothers deny assaulting police during Manchester Airport brawl

Photo for representation. (iStock)

Brothers deny assaulting police during Manchester Airport brawl

TWO brothers accused of assaulting a man inside a Starbucks and later attacking police officers at Manchester Airport are standing trial, with the prosecution arguing they used "unlawful and extreme violence".

Mohammed Fahir Amaaz, 20, and his older brother Muhammad Amaad, 26, both from Rochdale, are said to have acted aggressively on July 23 last year while at the airport to pick up their mother, who had arrived on a flight from Qatar.

Keep ReadingShow less
Court to review teen's sentence in Bhim Kohli case
Bhim Kohli

Court to review teen's sentence in Bhim Kohli case

THE seven-year prison sentence handed to a 15-year-old boy convicted of the manslaughter of 80-year-old Bhim Sen Kohli is to be reviewed under the UK’s Unduly Lenient Sentence (ULS) scheme.

The Attorney General’s Office confirmed on Friday (5) that the teenager’s sentence will now be considered by the Court of Appeal.

Keep ReadingShow less
Dalai Lama hopes to live 'beyond 130 years'

Tibetan spiritual leader the Dalai Lama attends a prayer meet held for his long life at the Dalai Lama temple in the northern hill town of Dharamshala, India, July 5, 2025. REUTERS/Anushree Fadnavis

Dalai Lama hopes to live 'beyond 130 years'

THE Dalai Lama said on Saturday (5) he hopes to live until he is more than 130 years old, two decades longer than his previous prediction, following his assurance to followers that he would reincarnate as the spiritual head of the faith upon his death.

The Nobel Peace Prize winner was speaking during a ceremony organised by his followers to offer prayers for his long life, ahead of his 90th birthday on Sunday (6), and as China insists it will choose his successor. The Dalai Lama told Reuters in December he might live to 110.

Keep ReadingShow less
UK heatwave by mid-July

Daytime temperatures meeting or exceeding set thresholds of 25°C

iStock

Met Office warns of potential third UK heatwave by mid-July

Key points

  • Met Office forecasts rising temperatures by mid-July
  • Possible third heatwave after record-breaking June
  • High pressure system likely to bring hot air from the Atlantic
  • Yellow rain warning and flood alerts issued in parts of Scotland and Cumbria

Possible heatwave to return by mid-July

The UK could experience its third heatwave in a month by mid-July, the Met Office has said. Forecasters expect rising heat and humidity during the second weekend of July, following two weekends of unusually warm weather in late June.

June was officially the hottest on record in England, and the return of high temperatures could mean another heatwave for parts of the country. However, the Met Office cautioned that it is too early to confirm how hot conditions will get.

Keep ReadingShow less
crypto

Two men have been jailed for defrauding investors of £1.5 million through a fake crypto investment scheme. (Representational image: iStock)

iStock

Two jailed over £1.5m crypto investment scam

TWO people who duped investors of £1.5 million by selling fake investments in crypto have been jailed for 12 years, the Financial Conduct Authority (FCA) said.

Raymondip Bedi, of Bromley, and Patrick Mavanga, of Peckham, conned at least 65 people by cold-calling them between February 2017 and June 2019. They operated companies including CCX Capital and Astaria Group LLP.

Keep ReadingShow less