India removed from US Treasury's Currency Monitoring List

New Delhi, India

After Treasury Secretary Janet Yellen spoke at a US-India Businesses and Investment Opportunities event in New Delhi on Friday, the US Department of Treasury withdrew India off its Currency Monitoring List. Along with India, the US also removed Italy, Mexico, Thailand, and Vietnam off its Currency Monitoring List. According to the Department of Treasury's biannual report to Congress, the seven economies that form the current Currency Monitoring List are China, Japan, Korea, Germany, Malaysia, Singapore, and Taiwan.

The countries that were removed from the Currency Monitoring List for two consecutive reports only satisfied one of the three requirements, according to the biannual report.

“China’s failure to publish foreign exchange intervention and broader lack of transparency around key features of its exchange rate mechanism makes it an outlier among major economies and warrants Treasury’s close monitoring," the report said. 

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On her first visit to India, US Treasury Secretary Janet Yellen quoted President Joe Biden in saying that India is an “indispensable partner to the United States."

“That's particularly true today. I believe that these urgent challenges are bringing India and the United States closer together than ever before," she said.

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Speaking at the US-India Businesses and investment Opportunities event in New Delhi, Janet Yellen said that the US would support India's G20 leadership in order to advance common global interests.

(With inputs from agencies)

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