India is removed off the US Treasury's Currency Monitoring List

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• Nov 12, 2022 | Sourav Boruah

Digital Desk: Hours 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 from its Currency Monitoring List.

The United States
also took India off its Currency Monitoring List, along with Italy, Mexico,
Thailand, and Vietnam. In the previous two years, India has featured on the
list.

According to the
Department of Treasury's biannual report to Congress, the seven economies that
make up the current Currency Monitoring List are China, Japan, Korea, Germany,
Malaysia, Singapore, and Taiwan.

The nations who
were removed from the Currency Monitoring List for two consecutive reports only
met one of the three requirements, according to the biannual report.

 "China is an outlier among large
economies and merits Treasury's constant surveillance due to its refusal to
announce foreign exchange intervention and general lack of transparency around
key components of its exchange rate mechanism, "the report stated.

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." She also noted that "bilateral trade between
the US and India reached an all-time high last year and we expect it to grow
further."