The Great Semi-Annual Finger Pointing Report

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.