By Derek Hunter
On October 15, the Treasury
released its semi-annual currency report for Congress, and although more
subdued then in previous reports, it criticizes several countries’ monetary
policies. China, Germany, South Korea, and Japan were all criticized for devaluing
its currency to boost export; a devalued currency makes goods cheaper to
overseas buyers. The report comes as the U.S. dollar hit a five-year high
against a basket of other currencies, highlighting the central role of the U.S.
economy in powering global growth. Bloomberg summarizes
the report, and its policy prescriptions for the offending countries.
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