What the State Bank say about new conclusion of US Treasury Department?

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Accordingly, the U.S. Organizing Committee has included in the Monitoring List of 11 economies (meeting from 1 to 2 criteria as prescribed by the U.S. Organizing Committee): China, Japan, South Korea, Germany, Ireland, Italy, India, Malaysia, Singapore, Thailand and Mexico. Switzerland, Taiwan and Vietnam meet 3 criteria.

The list of countries above is determined on the basis of the provisions of the Trade Favorability and Enforcement Act of 2015. The U.S. Organizing Committee considers trading partners that meet three criteria including a bilateral goods trade surplus with the United States of at least $20 billion; Current balance surplus is equivalent to at least 2% of GDP; One-way and prolonged intervention in the foreign currency market, as shown by the purchase of net foreign currency for at least 6 months over a 12-month period with a total net purchase of foreign currency equivalent to at least 2% of GDP in the 12-month period.

In this Report, on the basis of initial contact with Vietnam as well as on data and in-depth analysis, the US BTC identified in the period 2020, there is not enough evidence, signs that Vietnam Male currency manipulation under the provisions of the Omnibus International Trade and Competition Act 1988.

In a new statement, the State Bank of Vietnam affirmed that, in the course of working with the U.S. Organizing Committee, the State Bank of Vietnam has exchanged frankly in the spirit of cooperation and goodwill from technical to high level, affirming the management of exchange rates over the years – within the framework of common monetary policy – in order to achieve the consistent goal of controlling inflation. , macroeconomic stability, not intended to create an unfair international trade competitive advantage.

“Over the past time, the State Bank has applied solutions to gradually improve the flexibility of the exchange rate while maintaining the stable and smooth operation of the foreign currency market. The positive developments in the foreign currency market as well as in the State Bank’s operations have been recorded by the US BTC ”, the State Bank said.

The agency also affirmed that it will continue to actively coordinate with relevant ministries and sectors to discuss and work on issues that the United States cares about in the spirit of cooperation, win-win, and move toward harmonious and sustainable trade relations.

At the same time, the State Bank continued to administer monetary policy to control inflation, stabilize the macro-economy, support economic growth in a reasonable manner, manage exchange rates flexibly, in line with the macro balance, market developments and monetary policy goals, are not aimed at creating an unfair international trade competitive advantage.

Source: bizlive.vn – Translated by fintel.vn