美國匯率政策報告：沒有匯率操縱國，台灣仍在觀察名單中

美國財政部6月16日公布2023年6月(半年度)的匯率政策報告，報告中沒有任何一個國家被列為匯率操縱國，但有7個被列入觀察名單。

被列為觀察名單分別是中國、韓國、德國、馬來西亞、新加坡、瑞士、台灣。報告中特別提出瑞士先前已經超過2015年法案規定的3項標準門檻，但2022年12月之前的4個季度已經有1項標準排除，美國財政部將會進行深入分析，直到連續2次報告都不符合2015年法案規定的3項標準。

報告也重申美國財政部要求中國提高透明度的呼籲，中國未能公布外匯干預措施，以及中國匯率機制主要特徵缺乏透明度，使中國與其他主要經濟體具有明顯差異，美國財政部會密切監控。

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%。

央行於6月17日發表對美國財政部匯率政策報告說明，指出這次台灣被列為觀察名單，主因為台灣對美國商品及服務貿易順差為510億美元，與經常帳順差對GDP比率為13.3%，這兩項觸及美方檢視標準。期間央行淨賣匯130億美元(約GDP之1.7%)，以及淨買匯月數小於8個月，沒有觸及美國檢視標準。央行表示與美國財政部溝通管道順暢，未來雙方會在良好互動基礎上，持續就總體經濟與匯率政策進行溝通。

Treasury Releases Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States (June 16, 2023)

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 December 2022.

“The global economy has proven to be more resilient than many predicted at the time of our last Report.  Nevertheless, Russia’s war against Ukraine continues to weigh on the outlook and has increased energy and food insecurity.  Differing growth and inflation outlooks have led to a range of policy actions across countries, which, coupled with fundamentals including interest rate differentials, terms of trade shocks, and longer-term growth expectations, have had large impacts on currencies.  Most foreign exchange intervention by U.S. trading partners last year was in the form of selling dollars, actions that served to strengthen their currencies.  However, Treasury remains vigilant to countries’ currency practices and policy settings and their consistency with strong sustainable and balanced global growth,” said Secretary of the Treasury Janet L. Yellen.

In accordance with the Omnibus Trade and Competitiveness Act of 1988, the Report analyzed the practices of the United States’ major trading partners and 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 December 2022.  

In this report, Treasury found that no major trading partner met all three criteria for enhanced analysis under the Trade Facilitation and Trade Enforcement Act of 2015 (2015 Act) during the four quarters ending December 2022.  

Switzerland, which had previously exceeded the thresholds for all three criteria under the 2015 Act, exceeded one of the three criteria over the four quarters through December 2022.  Though Switzerland no longer meets all three criteria for enhanced analysis, Treasury will continue to conduct an in-depth analysis of Switzerland until it does not meet all three criteria under the 2015 Act for at least two consecutive 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, Korea, Germany, Malaysia, Singapore, Switzerland, 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 China an outlier among major economies and warrant 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.

本行對「美國財政部匯率政策報告」之說明 (2023/06/17)

一、本(2023)年6月17日(台北時間)美國財政部公布半年度匯率政策報告(檢視期間為2022年全年)，未將任何貿易對手國列為匯率操縱國，惟將中國大陸、南韓、德國、馬來西亞、新加坡、瑞士及台灣列為觀察名單。

二、本次匯率政策報告因台灣對美國商品及服務貿易順差為510億美元及經常帳順差對GDP比率為13.3%，觸及前兩項美方檢視標準1 ，爰仍被列入觀察名單；而同期間本行淨賣匯130億美元(約GDP之1.7%)，以及淨買匯月數小於8個月，均未觸及第三項美方檢視標準。

三、本行與美國財政部溝通管道順暢，未來雙方仍將在良好的互動基礎上，持續就總體經濟及匯率政策等議題進行溝通。

[1] 本次美國財政部匯率政策報告之三項檢視標準為：(1)對美商品及服務貿易順差逾150億美元；(2)經常帳順差對GDP比率逾3%或依美國財政部模型估算該經濟體有龐大經常帳缺口；(3)淨買匯金額對GDP比率逾2%，且12個月中有8個月(含)以上為淨買匯。