Covid-19 impact is clearly visible on the world economy. Every country is trying to devalue their currency to gain advantage in the international trade. In reaction to this, the US Treasury Department listed Switzerland and Vietnam as currency manipulators on Wednesday. US further identified three new countries which are suspected to devalue their currencies against the dollar. India is in that watch list.
To be labeled as a manipulator, a country must have at least $20 billion bilateral trade surplus with the US. Foreign currency intervention and global current account surplus both should exceed 2 percent of GDP. The US Treasury stated that the monitoring list of countries has risen to 10 including Taiwan, Thailand, India, China, Japan, Korea, Germany, Italy, Singapore and Malaysia.
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