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Home / Business / The US does not intend to intervene in the currency markets for the time being, Mnuchin tells Bloomberg by Reuters

The US does not intend to intervene in the currency markets for the time being, Mnuchin tells Bloomberg by Reuters




© Reuters. Meeting of G7 Finance Ministers and Central Bank Governors in Chantilly

WASHINGTON (Reuters) – US Secretary of the Treasury Steven Mnuchin said Wednesday that the United States is not currently seeking intervention on the currency markets, Bloomberg News reported.

Mnuchin Bloomberg said in an interview that the situation may change in the future, but believes that such action would be more effective if the US Treasury intervened in cooperation with both the Federal Reserve and US allies At the time, Bloomberg quoted Mnuchin as saying, "The situation may change in the future, but we are not considering any intervention at present."

US President Donald Trump has frequently complained that the dollar is too strong against the currencies of the major currencies trading partners, including Europe and China, penalize US exports and urge the Federal Reserve to cut interest rates Mnuchin Earlier this month, China described it as a currency manipulator after the Chinese People's Bank allowed the yuan to temporarily fall below 7 dollars.

In July, Mnuchin told Reuters that the Treasury Department had made no changes to its Guidelines for Use for the $ 93.8 billion Stock Market Stabilization Fund, which was used in earlier coordinated market interventions to stabilize certain currencies in times of financial crises. [1

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