November 25, 2019 / 7:42 AM / 2 months ago

Taiwan to buy more from U.S. as seeks to head off currency manipulator label-sources

TAIPEI, Nov 25 (Reuters) - Taiwan’s central bank and Ministry of Economic Affairs have set up a group to coordinate stepped up purchases of U.S. goods, two sources said, as its seeks to narrow its trade surplus and head off being labelled a currency manipulator.

Taiwan was last labelled a currency manipulator by the United States in December 1992 and was then on the U.S. Treasury monitoring list in 2016 and 2017.

Taiwan’s trade surplus with the United States this year is expected to pass $20 billion, meeting one of the criteria Washington uses to decide the monitoring list for a currency manipulator. Taiwan’s current account surplus is 11% of GDP, which also matches another criteria to be labelled a currency manipulator, as the threshold is 2%. (Reporting by Liang-sa Loh; Writing by Ben Blanchard; Editing by Himani Sarkar)

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