The U.S. Department of the Treasury and the Taiwan Central Bank issued a joint statement confirming they will continue close consultations on macroeconomic and foreign exchange matters and will avoid manipulating exchange rates or the international monetary system to prevent effective balance of payments adjustment or to gain an unfair competitive advantage. The statement also sets out shared understandings that macroprudential and capital flow measures will not target exchange rates for competitive purposes, and that public investment vehicles such as pension funds invest abroad for risk-adjusted returns and diversification rather than to influence the exchange rate. Any foreign exchange market intervention would be reserved for combating excess volatility and disorderly exchange rate movements, and would be considered equally appropriate for addressing excessively volatile or disorderly depreciation or appreciation. Both sides committed to greater transparency through public disclosure of foreign exchange intervention operations at least quarterly with a quarterly lag, and quarterly reporting of foreign exchange reserves data and forward positions using the International Monetary Fund’s Data Template on International Reserves and Foreign Currency Liquidity, also with a quarterly lag.
U.S. Department of the Treasury 2025-11-14
U.S. Department of the Treasury and Taiwan Central Bank reaffirm non-manipulation pledge and commit to quarterly disclosure of FX interventions
The U.S. Treasury and Taiwan Central Bank will continue consultations on macroeconomic and foreign exchange issues, avoiding exchange rate manipulation for competitive advantage. They emphasized that macroprudential and capital flow measures won't target exchange rates, and foreign exchange interventions will address excessive volatility. Both parties pledged greater transparency through quarterly public disclosures of foreign exchange interventions and reserves data.