US Treasury Secretary: No intention to intervene in the currency market
29 August 2019 11:11 AM
Direct : The US Treasury Secretary said that the United States does not intend to intervene in the currency market in order to weaken the dollar at the moment.
Steven Mnuchin told Bloomberg on Wednesday the situation could change in the future, but "now we are not thinking about making an intervention."
Donald Trump's administration had considered measures to counter the dollar's strength, including direct market intervention.
But last month officials ruled out intervening for the time being, although President Trump continued to criticize the power of the Green Paper.
The Treasury secretary, the world's largest economy, believes it will be more effective if the ministry intervenes alongside the Fed and international allies.
"In general, it is better to do these things on a coordinated basis because of the size and scope of the currency markets, the currency markets and in particular the dollar market is one of the largest and most liquid trading markets in the world."