South Korea Was Taken Off The Currency Monitoring List Of US  

South Korea Was Taken Off The Currency Monitoring List Of US 
South Korea Was Taken Off The Currency Monitoring List Of US 

South Korea is among the countries removed from the US currency policy-monitoring list. 

On Tuesday, the US Treasury released a semi-annual report on the foreign exchange policies of important trade partners. This report contains the names of the countries fulfilling all three subjects, while those in breach of two are monitored.

Based on this quarter’s reports through June 2023, the new monitoring list includes some new countries, while some were removed due to not meeting criteria. Vietnam, China, Malaysia, Taiwan, Germany, and Singapore were added, and South Korea and Switzerland were removed.

South Korea has been on the list since April 2016. There is a criterion by which this list is being prepared. Countries that meet all three criteria are designated currency manipulators, while those that meet only two are placed on a monitoring list.

South Korea Was Taken Off The Currency Monitoring List Of US 
  • The US must have a bilateral trade surplus of over $15 billion.
  • The material current account surplus is over three percent of the country’s GDP.
  • Persistent one-sided intervention in the foreign currency market.

The US publishes exchange reports every April and October. The removal of South Korea was the Asian country’s first exclusion in more than seven years. The report shows that no significant trading partners met all three criteria under the 2015 Act during the last four quarters ending in June, which is why no major trading partner requires “enhanced analysis.” Even the second-largest country, China, also failed to publish the foreign exchange interventions, but it remains on the monitoring list due to its outsized trade imbalance with the US.

The Treasury report shows no major trading partners manipulated the exchange rate between its currency and the US.

Also Read: Digital Landing Bank, Kakao Bank Recorded 21 High In Q3

One Comment

Leave a Reply

Your email address will not be published. Required fields are marked *