美國公布匯率報告，同樣沒有匯率操縱國，台灣仍在觀察名單中

美國財政部11月10日公布主要貿易夥伴與外匯政策報告，截至2022年6月的前4季主要貿易夥伴(占美國整體商品與服務貿易的80%)都沒有未取得不公平競爭優勢而操縱匯率。

瑞士在2022年6月的前4季符合2015年「貿易便利化與貿易執法法案」中所提及的3項標準，美國財政部將會加強對瑞士總體經濟與匯率政策分析，並和瑞士進行雙邊接觸，討論政策選擇以解決外部失衡的根本原因，瑞士在先前2022年6月、2021年4月、2020年12月的報告中也符合這3項標準。

在這次報告中列入觀察名單共有7個，分別為中國、日本、韓國、德國、馬來西亞、新加坡、台灣。先前列入觀察名單的印度、義大利、泰國、墨西哥等國已經移出自觀察名單。

這回報告中有提到，日本曾經在外匯市場進行干預，阻止日圓匯率貶值，這是日本自1998年以來首度採取類似行動，美國方面相信這是偶一為之。

美國財政部針對匯率操縱國有3項主要標準：1.與美國的雙邊貿易順差達150億美元以上；2.單邊干預匯率至少6個月，淨買匯金額與國內生產毛額(GDP)相較比率超過2%；3.經常帳盈餘占GDP的比重超過3%。

Treasury Releases Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States (November 10, 2022)

WASHINGTON – The U.S. Department of the Treasury delivered its semiannual Report to Congress on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States.  In this Report, Treasury reviewed and assessed the policies of major U.S. trading partners, comprising roughly 80 percent of U.S. foreign trade in goods and services, during the four quarters through June 2022.

“The global economy was already dealing with supply and demand imbalances caused by COVID-19 prior to Russia’s illegal war against Ukraine, which has increased food, fertilizer, and energy prices— further elevating global inflation and increasing food insecurity.  Major economies facing different stresses may accordingly pursue different policies, which can be reflected in currency movements.  Treasury is cognizant that a range of approaches by developing and emerging economies to global economic headwinds may be warranted in certain circumstances,” said Secretary of the Treasury Janet L. Yellen.

In accordance with the Omnibus Trade and Competitiveness Act of 1988, the Report concludes that no major U.S. trading partner manipulated the rate of exchange between its currency and the U.S. dollar for purposes of preventing effective balance of payments adjustments or gaining unfair competitive advantage in international trade during the four quarters through June 2022. 

The Report concludes that Switzerland meets all three criteria under the Trade Facilitation and Trade Enforcement Act of 2015 (the 2015 Act) over the four quarters through June 2022.  Therefore, Treasury is continuing enhanced analysis of Switzerland’s macroeconomic and exchange rate policies in this Report, having previously met all three criteria under the 2015 Act in the June 2022, April 2021, and December 2020 Reports.  Treasury will also continue its enhanced bilateral engagement with Switzerland, which commenced in early 2021, to discuss the Swiss authorities’ policy options to address the underlying causes of its external imbalances. 

Seven economies are on Treasury’s “Monitoring List” of major trading partners that merit close attention to their currency practices and macroeconomic policies: China, Japan, Korea, Germany, Malaysia, Singapore, and Taiwan. 

The Report also reiterated Treasury’s call for increased transparency from China. China’s failure to publish foreign exchange intervention and broader lack of transparency around key features of its exchange rate mechanism make it an outlier among major economies and warrants Treasury’s close monitoring. 

Today’s Report is submitted to Congress pursuant to Section 3005 of the Omnibus Trade and Competitiveness Act of 1988, 22 U.S.C. § 5305, and Section 701 of the Trade Facilitation and Trade Enforcement Act of 2015, 19 U.S.C. § 4421.