The Ministry of Finance and Public Debt (SHCP) this afternoon denied that the US Treasury Department has classified Mexico as a country that handles its exchange rate in order to gain some sort of advantage in international trade.
The report on the macroeconomic and foreign exchange policies of America’s largest trading partners does not classify Mexico as an economy. Handles its exchange rate to gain some sort of advantage in international trade“Said the company.
He pointed out that on Friday, April 16, the US Treasury Department presented to Congress a report on the macroeconomic and exchange policies of the United States’ largest trading partners.
The treasury pointed out that Mexico was included in the list of countries to monitor the merger due to an algorithmic effect derived from the level reached in trade with the United States by 2020.
This situation is explained by the increase in demand for Mexican exports due to financial and monetary stimuli implemented in the United States, and the effects of depreciation on the Mexican peso compared to the low energy of Mexican imports from this country. And an infection caused by COVID-19.
”The formal effect indicated above is intermediate; As Mexico’s economic recovery strengthens, the bilateral balance with the United States will be adjusted to the level seen before the epidemic, ”he stressed.
The company reiterated that the Treasury report did not classify Mexico as an economy that would handle its exchange rate in order to gain some sort of advantage in international trade, and therefore, it was not subject to US government sanctions.
In the report, he pointed out that the Treasury Department analyzes the 20 most important business partners in bilateral trade; It monitors the behavior of trade balances and foreign exchange market interventions so that trade and the labor market in the United States are not affected.
“The Ministry of Finance and Public Debt has been maintaining close dialogue and cooperation with the US Treasury Department on the preparation of this report,” the agency said in a statement.