US Treasury, Taiwan reaffirm pledges against currency manipulation

By David Lawder and Ben Blanchard

WASHINGTON/TAIPEI (Reuters) -The U.S. Treasury and Taiwan's cardinal slope connected Friday said they agreed ​to proceed adjacent consultations connected macroeconomic and overseas speech complaint matters and some ‌pledged to debar manipulating the worth of their currencies to summation a competitory advantage.

In a associated connection issued by the ‌U.S. Treasury, they said that determination were cases wherever involution successful overseas speech markets could beryllium considered.

But this "should beryllium reserved for combating excess volatility and disorderly movements successful speech rates, with the anticipation that this instrumentality would beryllium considered arsenic due for ⁠addressing excessively volatile oregon disorderly depreciation ‌or appreciation."

The Treasury had kept Taiwan connected its "monitoring list" for other overseas speech complaint scrutiny arsenic portion of its latest ‍semi-annual currency report, which recovered successful June that nary large trading spouse was manipulating its currency for a commercialized advantage.

Taiwan's cardinal slope issued a abstracted connection successful which it reiterated that the U.​S. Treasury did not inquire for the Taiwan dollar to appreciate.

In May, a ‌surge successful the Taiwan dollar's worth to a two-year precocious against the greenback had prompted speculation that this was due to the fact that of a request by Washington for an appreciation, which Taiwan's president denied.

"During the consultations, the U.S. Treasury Department ne'er requested an appreciation of the Taiwan dollar," Taiwan's cardinal slope said successful the ⁠statement connected Friday. "Moving forward, the ​bank and the U.S. Treasury Department volition ​continue to speech views connected macroeconomic and speech complaint policies based connected our affirmative moving relationship."

Taiwan's cardinal slope said it committed that starting successful ‍2026, it would ⁠move to quarterly disclosures of its currency interventions from its existent semi-annual disclosure rate.

The slope said that the connection was unrelated to associated Taiwan-US tariff negotiations arsenic ⁠it is not a subordinate of a cabinet-level Taiwan-U.S. Economic and Trade Working Group. ‌

(Reporting by David Lawder, Ben Blanchard and Doina Chiacu;‌ Editing by Aidan Lewis and Andrea Ricci)