The US Treasury Department on Wednesday declared Vietnam and Switzerland currency manipulators and put nine countries, including China and Taiwan, on a watch list.
In response, Taiwan central Bank Vice President Yan-Chung-da told lawmakers Thursday that the U.S. currency report is in Taiwan’s own interest, but that Taiwan has its own considerations and will try to keep the Taiwan dollar’s exchange rate relatively stable.
The US has three criteria for the currency manipulator, namely, a surplus of US $20 billion in goods, a current account surplus of more than 2% of the country’s GDP, a unilateral intervention in exchange rate for at least six months, and a net foreign exchange purchase of more than 2% of the country’s GDP.
In a statement Thursday, Vietnam’s central bank said it did not create an unfair advantage in international trade through its exchange rate, and said it was willing to work with the United States to ensure harmonious and fair trade relations.
The SNB rejected the US allegations, saying monetary policy would remain unchanged and that it remained willing to intervene more forcefully in currency markets.
The SNB said it was open to dialogue with the United States, saying in a statement: “Switzerland trusts that the US Treasury will carefully analyse the Swiss situation, taking into account the special features of the Swiss economy.”
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