Never miss a great news story! Get instant notifications from Economic Times Allow Not now. Observing that there has been a notable increase in the scale and persistence of India 's net foreign exchange purchases, the US Department of Treasury has told the Congress that it will closely monitor New Delhi's foreign exchange and macroeconomic policies. In its report, the Treasury said that it assesses net purchases of foreign currency, conducted repeatedly, totaling in excess of 2 per cent of an economy 's GDP over a period of 12 months to be persistent, one-sided intervention.
Switzerland and Brazil meet this criterion for the four quarters ending June , as per Treasury estimates. The report said, China has an extremely large and persistent bilateral trade surplus with the US, by far the largest among any of the US' major trading partners, with the goods trade surplus standing at USD billion over the four quarters through June Moreover, China continues to pursue a wide array of policies that limit market access for imported goods and services, and maintains a restrictive investment regime that adversely affects foreign investors.
In comparison to the extremely large and persistent bilateral trade imbalance, China's multilateral external position has undergone greater adjustment in recent years, with its current account surplus falling to 1. Further, after engaging in one-way, large-scale intervention to resist appreciation of the renminbi RMB for a decade, China's recent intervention in foreign exchange markets , tightened capital controls, and increased discretion over setting the daily fixing rate of the RMB have likely prevented a disorderly currency depreciation that would have had negative consequences for the United States, China, and the global economy.
The Trump Administration remains deeply concerned by the significant imbalances in the global economy, the report said. India Inc feels doing business in India getting easier but land an issue. Serve-in-India not Make-in-India is need of the hour. UK businesses have tremendous opportunities in India: UK India Business Council.
The taste of India in US capital. Demonetisation made Digital India, Startup India the national agenda. Choose your reason below and click on the Report button. This will alert our moderators to take action. Get instant notifications from Economic Times Allow Not now You can switch off notifications anytime using browser settings.
Company Corporate Trends Deals. International Business World News. NIFTY 50 10, Drag according to your convenience. Bilateral trade imbalances with many of our major trading partners have grown to very large levels, it said adding that more broadly, current account surpluses in several major trading partners have not only been large but unusually persistent over the last decade. Read more on markets. Investors made a killing in these stks.
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