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PUBLISHED
AUG 25, 2020 12:05PM EDT
CREDIT: REUTERS/KHAM
U.S. Treasury says Vietnam deliberately undervalued currency in 2019 | NASDAQ
By David Lawder
WASHINGTON, Aug 25 (Reuters) - The U.S. Treasury has determined that Vietnam's currency was deliberately undervalued in 2019 by about 4.7% against the dollar, according to a new currency valuation assessment sent to the U.S. Commerce Department late on Tuesday.
In the assessment associated with a Commerce anti-subsidy investigation into vehicle tire imports from Vietnam, the Treasury said the undervaluation was the result of Vietnamese "government action on the exchange rate."
The assessment is the first issued by the Treasury under a new U.S. rule that allows the Commerce Department to consider currency undervaluation as a form of subsidy when determining anti-subsidy duties, potentially increasing them.
The determination also could increase the chances that the Treasury designates Vietnam a "currency manipulator" when it issues its long-delayed semi-annual currency report. Such a designation would require Treasury Secretary Steven Mnuchin to seek bilateral consultations with Hanoi to try to correct the situation.
www.nasdaq.com
AUG 25, 2020 12:05PM EDT
CREDIT: REUTERS/KHAM
U.S. Treasury says Vietnam deliberately undervalued currency in 2019 | NASDAQ
By David Lawder
WASHINGTON, Aug 25 (Reuters) - The U.S. Treasury has determined that Vietnam's currency was deliberately undervalued in 2019 by about 4.7% against the dollar, according to a new currency valuation assessment sent to the U.S. Commerce Department late on Tuesday.
In the assessment associated with a Commerce anti-subsidy investigation into vehicle tire imports from Vietnam, the Treasury said the undervaluation was the result of Vietnamese "government action on the exchange rate."
The assessment is the first issued by the Treasury under a new U.S. rule that allows the Commerce Department to consider currency undervaluation as a form of subsidy when determining anti-subsidy duties, potentially increasing them.
The determination also could increase the chances that the Treasury designates Vietnam a "currency manipulator" when it issues its long-delayed semi-annual currency report. Such a designation would require Treasury Secretary Steven Mnuchin to seek bilateral consultations with Hanoi to try to correct the situation.
U.S. Treasury says Vietnam deliberately undervalued currency in 2019
The U.S. Treasury has determined that Vietnam's currency was deliberately undervalued in 2019 by about 4.7% against the dollar, according to a new currency valuation assessment sent to the U.S. Commerce Department late on Tuesday.
