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US Removes India from it’s Currency Monitoring List, China Stays

The department on Tuesday removed India and Switzerland from the previous currency watch list of countries

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US, India, Currency Monitoring List
The US Treasury Department has removed India from its currency monitoring list of major trading partners. Pixabay

The US Treasury Department has removed India from its currency monitoring list of major trading partners.

In its semi-annual report to US Congress on International Economic and Exchange Rate Policies, the department on Tuesday removed India and Switzerland from the previous currency watch list of countries with potentially questionable foreign exchange policies.

India, along with China, Japan, Germany, Switzerland and South Korea, was placed in the bi-annual currency watch list in October last year.

The US, however, continued to keep China on its watch list, while urging the Asian nation to take necessary steps to avoid a “persistently weak currency”.

US, India, Currency Monitoring List
China’s renminbi had fallen against the dollar by eight per cent over the last year. Pixabay

“Treasury continues to urge China to take the necessary steps to avoid a persistently weak currency,” said US Treasury Secretary Steven Mnuchin in a statement.

Mnuchin stated that China’s renminbi had fallen against the dollar by eight per cent over the last year. He also noted that China’s trade surplus with the US has also widened.

“China’s goods trade surplus with US stands at $419 billion over the four quarters through December 2018,” the report said.

Besides China, the currency watch list also included Japan, South Korea, Germany, Ireland, Italy, Malaysia, Vietnam and Singapore, according to the department’s latest report.

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“Treasury found that nine major trading partners continue to warrant placement on Treasury’s ‘Monitoring List’ of major trading partners that merit close attention to their currency practices,” Mnuchin said.

However, the department, in its report, has declined to designate China or any other major trading partner as a currency manipulator.

“No trading partner was found to have met the 1988 legislative standards during the current reporting period,” the report concluded. (IANS)

Next Story

Uber Eats’ Pickup Feature Now Available for Users in the US

The firm's rivals Grubhub, DoorDash, and Postmates already offer the ability to pickup orders along with a growing number of restaurants

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Uber eats, Food, Allergy-friendly, Order
You can also filter and find restaurants that are allergy friendly. Flickr

Uber Eats has announced that its ‘Pickup’ feature on the on-demand restaurant food app is now available for users in the US.

The on-demand food service from ride-hailing company Uber launched a pickup feature nationwide. The feature was tested in San Diego, Phoenix, Dallas and Austin, Texas, prior to the roll-out, USA Today reported on Friday.

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The ‘Pickup’ feature lets Uber Eats customers order their food through the app as usual.

uber eats
Delivery men working with the food delivery apps Uber Eats and Swiggy wait to pick up an order outside a restaurant in Mumbai, India, Feb. 6, 2019. VOA

After that, instead of paying a delivery fee and waiting for someone to drop the food at their door, they can go to the restaurant and collect it themselves.

“This gives eaters more flexibility in how they access food and provides them the option to order through Uber Eats and collect the food themselves,” Elspeth Rollert, Uber Eats US head of Restaurant Brand Marketing was quoted as saying in the report.

The firm’s rivals Grubhub, DoorDash, and Postmates already offer the ability to pickup orders along with a growing number of restaurants. (IANS)