US Treasury removes India from its Currency Monitoring list

Hours after Treasury Secretary Janet Yellen spoke at a US-India Businesses and Investment Opportunities event in New Delhi on Friday, the US Department of Treasury removed India from its Currency Monitoring List. The United States also took India off its Currency Monitoring List, along with Italy, Mexico, Thailand, and Vietnam.

According to the Department of Treasury's biannual report to Congress, the seven economies that are in current Currency Monitoring List are China, Japan, Korea, Germany, Malaysia, Singapore, and Taiwan.

The counties who were removed from the Currency Monitoring List for two consecutive reports only met one of the three requirements, according to the biannual report.

“China’s failure to publish foreign exchange intervention and broader lack of transparency around key features of its exchange rate mechanism makes it an outlier among major economies and warrants Treasury’s close monitoring," said the report.

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