After Treasury Secretary Janet Yellen gave a speech at a US-India Businesses and Investment Opportunities event in New Delhi on Friday, the US Department of Treasury withdrew India from its Currency Monitoring List. The United States has removed Italy, Mexico, Thailand, and Vietnam off its Currency Monitoring List in addition to India. The last two years, India had been included on the list.
After Treasury Secretary Janet Yellen gave a speech at a US-India Businesses and Investment Opportunities event in New Delhi on Friday, the US Department of Treasury withdrew India from its Currency Monitoring List. The United States has removed Italy, Mexico, Thailand, and Vietnam off its Currency Monitoring List in addition to India.Over the previous two years, India had been included on the list.
The Department of the Treasury stated in its biannual report to the Congress that the seven economies that are currently on the Currency Monitoring List are China, Japan, Korea, Germany, Malaysia, Singapore, and Taiwan.
In addition, it was noted in the biannual report that the nations that had their names removed from the Currency Monitoring List had only complied with one of the three requirements for the previous two reports.
The report stated that China stands out among other major economies due to its failure to disclose foreign exchange intervention and general lack of transparency regarding important aspects of its exchange rate mechanism. As a result, the report recommended that the Treasury closely monitor China’s economic activities.
The action was taken on the same day that Janet Yellen, the secretary of the Treasury, visited New Delhi and spoke with Nirmala Sitharaman, the finance minister. President Joe Biden was quoted by US Treasury Secretary Janet Yellen as saying that India is a “indispensable partner to the United States” on her first trip to India “.
“Today, that is especially true. I think that these pressing issues are fostering deeper ties between India and the United States than ever before, “She stated.
Janet Yellen said the US will assist India’s G20 presidency to advance shared global priorities while speaking at the US-India Businesses and Investment Opportunities event in New Delhi.
As the Treasury Secretary, Janet Yellen remarked, “I’m thrilled to be here as India celebrates its 75th year of independence and gets ready to take the G20 presidency. This is my first visit to India. India is one of America’s key partners, as President Biden stated.
According to US Treasury Secretary Janet Yellen, “bilateral, economic, and financial relationships are a critical element to our partnership” because of their “strong trade, investment, and people-to-people ties. “Bilateral trade between the US and India reached an all-time high last year and we expect it to grow further.”
