Today's English "The US removes Vietnam from the currency manipulator list"

The US removes Vietnam from the currency manipulator list.

The US has removed Vietnam from the list of economies it considers currency manipulators, reversing a decision made by the Trump administration in December.

Its Treasury Department said Friday that no economy currently meets the US’s criteria to be labeled manipulators, but warned that Vietnam, Switzerland, and Taiwan would be under enhanced monitoring, according to newswire AP.

There is insufficient evidence to conclude they are manipulating their exchange rates, Reuters quoted it as saying.

A country is labeled a currency manipulator if it sells its currency and buys U.S. dollars to depreciate the former to benefit its exports.

“For the calendar year 2020, we have not made a finding regarding the manipulation designation,” a department official told reporters.

Vietnam had last December rejected the US’s currency manipulator allegations, reiterating that its monetary policies do not target unfair trade advantages and that it would continue to work with the U.S. to ensure a “harmonious and fair” trade relationship.

The State Bank of Vietnam (SBV) said Saturday that Vietnam’s monetary policies in recent years have only sought to control inflation and ensure economic stability, and not derive unfair trade advantages.

It said it has been working to increase exchange rate flexibility, resulting in improvements in the foreign currency market, and these efforts have been acknowledged by the US Treasury Department.
Vietnam would continue to work with the US to ensure a harmonious and fair trade relationship, it said.

Truong Van Phuoc, former chairman of the National Financial Supervisory Commission, told VnExpress that the U.S. Treasury’s lifting of the label could make Vietnam more confident in its trade and monetary policies.