(Updated)

Malaysia, 10 others placed under US monitoring list for currency practices

Malaysia, 10 others placed under US monitoring list for currency practices
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KUALA LUMPUR (April 17): Malaysia is among 11 economies placed under the US Department of Treasury’s monitoring list of major trading partners that merit close attention to their currency practices following the Treasury’s review and assessment of 20 major US trading partners' policies during 2020.

The Treasury said in a statement yesterday in conjunction with the release of its semiannual Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States that the 11 economies include China, Japan, South Korea, Germany, Ireland, Italy, India, Singapore, Thailand and Mexico.  

"The Treasury found that the 11 economies warrant placement on the Treasury’s 'monitoring list' of major trading partners that merit close attention to their currency practices,” the Treasury said.

It said it delivered the report to the Congress yesterday.

US Secretary of the Treasury Janet Yellen said in the statement that the “Treasury is working tirelessly to address efforts by foreign economies to artificially manipulate their currency values that put American workers at an unfair disadvantage”.

The Treasury’s statement, however, did not elaborate on Malaysia’s currency practices.

At the time of writing today, Bank Negara Malaysia (BNM) had not issued a statement in response to the US Treasury’s decision to place Malaysia in the monitoring list for currency practices.

According to BNM’s latest updates on its website, the US dollar/ringgit interbank intraday rate yesterday stood at 4.132 and 4.125 at the highest and lowest respectively.

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