US Treasury strengthens currency monitoring criteria, Thailand added to watchlistListen to this articleA man gathers a stack of banknotes at Bangkok Bank’s headquarters on Silom Road. The Treasury added Thailand to its "monitoring list" of countries warranting close attention due to the growth of the Asian country's global current account surplus and its trade surplus with the United States. The report has traditionally focused on whether countries are engaging in one-sided currency intervention or other manipulation to resist appreciation against the dollar to keep their exports cheaper. Traditionally, the Treasury's three main criteria for analysing foreign exchange and determining manipulation are a trade surplus with the US of at least $15 billion, a global current account surplus above 3% of GDP and persistent, one-way net foreign exchange purchases that reach 2% of GDP. The Treasury did not label China a currency manipulator, avoiding a potential escalation in trade tensions with Beijing, despite what it called "depreciation pressure" facing its yuan currency.
