US Treasury Department: We did not manipulate the exchange rates of any of our major trading partners

In the statement made by the Ministry of Treasury, it was noted that the “Report on Macroeconomic and Foreign Exchange Policies of the Major Trading Partners of the USA” was submitted to Congress.

In the statement, which analyzed the practices of the USA’s major trade partners, with whom it carries out 78 percent of its foreign trade in goods and services, it was concluded that none of the country’s main trade partners manipulated the exchange rate between its own currency and the US dollar for export advantage during the four quarters until June 2023. It was stated that it was reached.

In the statement, the Treasury’s “watch list” of major trading partners whose currency practices and macroeconomic policies need to be paid close attention is pointed out, and the 6 countries on this list are; They were listed as China, Germany, Malaysia, Singapore, Taiwan and Vietnam.

The statement reiterated the Treasury’s call for China to increase transparency, stating that China’s failure to publish its foreign exchange intervention and broader lack of transparency about the key features of the exchange rate mechanism make the country an outlier among major economies and require close monitoring by the Treasury.

“The global economic outlook faces increasing uncertainties”

US Treasury Secretary Janet Yellen, in her evaluation of the report, noted that the global economy continues to be more resilient than predicted a year ago, but the global economic outlook is weakened by the Russia-Ukraine war, geopolitical tensions in the Middle East, still high core inflation and China’s economic crisis. He explained that the real estate sector continues to face increasing uncertainty associated with the potential for deepening stress.

Pointing out that most of the foreign exchange interventions of US trade partners during the report period were in the form of dollar sales, which are actions that serve to strengthen their currencies, Yellen said, “However, the Treasury continues to be alert to the currency practices of countries, and the Biden Administration has warned that the US’s trade partners are against American workers.” “It strongly opposes any attempt to artificially manipulate currency values ​​to gain an unfair advantage.” he said.