A recent biannual report released by the US Department of Treasury announced that it is removing India from its Currency Monitoring List. India was removed from the list along with countries like Italy, Mexico, Vietnam, and Thailand. The ANI on Friday reported that China, Japan, Korea, Germany, Malaysia, Singapore and Taiwan will remain part of the current Monitoring List.
The Department of Treasury asserted in the biannual report to Congress that countries that were removed from the list, “have met only one out of three criteria for two consecutive reports.” The economies meeting two of the three criteria determined by the Department of Treasury in the 2015 Act are placed on the Monitoring List.
The report cited by ANI said, “Once on the Monitoring List, an economy will remain there for at least two consecutive Reports to help ensure that any improvement in performance versus the criteria is durable and is not due to temporary factors.” However the Treasury made it clear that it will “add and retain” any major US trading partner that amounts to a large disproportionate share of the overall US trade deficit, even if that economy has not met with the two criteria.