WASHINGTON (Reuters) – US Treasury Secretary Steven Mnuchin said Wednesday that the United States has no intention of intervening in foreign exchange markets for now, Bloomberg News reported.
Mnuchin told Bloomberg in an interview that the situation might change in the future, but he believes such actions would be more effective if the US Treasury intervened with both the Federal Reserve and the United States allies.
The Treasury Department has "no intentions to intervene at this time," Bloomberg quoted Mnuchin as saying, "Situations may change in the future, but right now we are not considering an intervention."
US President Donald Trump has often complained that the dollar is too strong against the currencies of major trading partners, including Europe and China, and puts US exports at a disadvantage. He has asked the Federal Reserve to cut interest rates, in part to curb the dollar's recent rise to several-year highs.
Mnuchin labeled China as a currency manipulator earlier this month after the People's Bank of China let the yuan slip short below $ 7 to the dollar.
In July, Mnuchin told Reuters that the Treasury had made no changes to the guidelines for the use of its $ 93.8 billion stock exchange stabilization fund, which has been used in previously coordinated market interventions to stabilize certain currencies during times of economic crisis. [1
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