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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."

 





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