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- Currency manipulator is a designation applied by United States government authorities, such as the United States Department of the Treasury, to countries that engage in what is called “unfair currency practices” that give them a trade advantage. Such practices may be currency intervention or monetary policy in which a central bank buys or sells foreign currency in exchange for domestic currency, generally with the intention of influencing the exchange rate and commercial policy. Policymakers may have different reasons for currency intervention, such as controlling inflation, maintaining international competitiveness, or financial stability. In many cases, the central bank weakens its own currency to subsidize exports and raise the price of imports, sometimes by as much as 30-40%, and it is thereby a method of protectionism. Currency manipulation is not necessarily easy to identify and some people have considered quantitative easing to be a form of currency manipulation. Under the 1988 Omnibus Foreign Trade and Competitiveness Act, the United States Secretary of the Treasury is required to "analyze on an annual basis the exchange rate policies of foreign countries … and consider whether countries manipulate the exchange rate between their currency and the United States dollar for purposes of preventing effective balance of payments adjustments or gaining unfair competitive advantage in international trade" and that "If the Secretary considers that such manipulation is occurring with respect to countries that (1) have material global current account surpluses; and (2) have significant bilateral trade surpluses with the United States, the Secretary of the Treasury shall take action to initiate negotiations with such foreign countries on an expedited basis, in the International Monetary Fund or bilaterally, for the purpose of ensuring that such countries regularly and promptly adjust the rate of exchange between their currencies and the United States dollar to permit effective balance of payments". A designated currency manipulator can be excluded from U.S. government procurement contracts. According to the Trade Facilitation and Trade Enforcement Act of 2015, the Secretary of the Treasury must publish a semi-annual report in which the developments in international economic and exchange rate policies are reviewed. If a country is labeled a currency manipulator under this Act, "The President, through Treasury, shall take specified remedial action against any such countries that fail to adopt policies to correct the undervaluation of their currency and trade surplus with the United States." It has been argued that the concept of "currency manipulation" is hypocritical, given that the US already has the privilege of having the main reserve currency of the world, which is needed for international trade. Massive interventions of the Federal Reserve since the financial crisis of 2008, such as Quantitative Easing and interventions in the REPO market have been cited as alleged examples of the U.S.. itself engaging in currency manipulation. (en)
- "환율 조작자"는 미국 재무부와 같은 정부 당국이 효과적인 지불 균형 조정 방지 또는 국제 무역에서 불공정한 경쟁우위 확보를 목적으로 환율을 조작하는 국가를 지정하기 위해 사용하는 용어이다. 또한 자국의 외환 시장에 개입하는 국가에도 적용된다. 환율조작 또는 환율개입은 정부 또는 중앙은행이 일반적으로 환율 및 무역정책에 영향을 미칠 의도로 자국 통화와 교환하여 외화를 구매 또는 판매 할 때 발생하는 통화정책 운영입니다. 정책 입안자들은 인플레이션 통제, 국제 경쟁력 유지 또는 재무 안정성과 같은 통화 조작에 다른 이유가 있을 수 있다. (ko)
- 為替操作国（かわせそうさこく）とは、アメリカ財務省が提出する為替政策報告書に基づき、アメリカ議会が為替相場を不当操作していると認定した対象国。 (ja)
- 匯率操縱國（英語：Currency manipulator，亦可稱為匯率操縱者）是一個國家政府被認為過度干涉匯率來達到不公平貿易的專用詞。其前提是，國家必須有開放的市場和浮動匯率的運作系統。比如美國的財政部，根據對匯率波動的干涉程度來決定一個國家時候是否是匯率的操縱者。而一個國家對匯率波動的操縱，也是財政政策的作法之一。財政政策主要是借助中央銀行的調控來調整國內的利率，調整持有的不動產和外匯儲備和利用政府手段干涉匯率的波動。其影響主要是為了調整資金的流通和協助影響其他的商業政策。短期內，決策者也可能會因為其他原因來干涉貨幣的價值，比如控制通貨膨脹來調整市場的物價，降低國內的失業率和生產力的穩定發展，以此保證在國際市場競爭力以及國內金融市場的穩定 。從長遠來說，匯率的調整可以保證國內總產出的穩定發展由此促進國家經濟發展。 匯率的調整是中央銀行的一種常用財政政策，而成為匯率操縱國這是過多干涉且產生了一種不公平的貿易現象。為了改變市場對未來的期望趨勢或者提供市場流通。中央銀行一般會結合政府的其他政策的輔助來刺激本國對外的貿易投資或者資金的流動。經過匯率的變動或者量化寬鬆的實施，如果本國貨幣貶值，則有利於補貼和提高本國的出口貿易，其補貼可達到30-40%，因此這也是貿易保護主義的體現；如果本國貨幣升值，這有利於提高貨幣的流入和提高本國的貨幣需求，適時，本國的投資或者金融市場也會更加具有吸引力，特別是在利差交易方面的體現會更加明顯。 (zh)
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- "환율 조작자"는 미국 재무부와 같은 정부 당국이 효과적인 지불 균형 조정 방지 또는 국제 무역에서 불공정한 경쟁우위 확보를 목적으로 환율을 조작하는 국가를 지정하기 위해 사용하는 용어이다. 또한 자국의 외환 시장에 개입하는 국가에도 적용된다. 환율조작 또는 환율개입은 정부 또는 중앙은행이 일반적으로 환율 및 무역정책에 영향을 미칠 의도로 자국 통화와 교환하여 외화를 구매 또는 판매 할 때 발생하는 통화정책 운영입니다. 정책 입안자들은 인플레이션 통제, 국제 경쟁력 유지 또는 재무 안정성과 같은 통화 조작에 다른 이유가 있을 수 있다. (ko)
- 為替操作国（かわせそうさこく）とは、アメリカ財務省が提出する為替政策報告書に基づき、アメリカ議会が為替相場を不当操作していると認定した対象国。 (ja)
- Currency manipulator is a designation applied by United States government authorities, such as the United States Department of the Treasury, to countries that engage in what is called “unfair currency practices” that give them a trade advantage. Such practices may be currency intervention or monetary policy in which a central bank buys or sells foreign currency in exchange for domestic currency, generally with the intention of influencing the exchange rate and commercial policy. Policymakers may have different reasons for currency intervention, such as controlling inflation, maintaining international competitiveness, or financial stability. In many cases, the central bank weakens its own currency to subsidize exports and raise the price of imports, sometimes by as much as 30-40%, and it is (en)
- 匯率操縱國（英語：Currency manipulator，亦可稱為匯率操縱者）是一個國家政府被認為過度干涉匯率來達到不公平貿易的專用詞。其前提是，國家必須有開放的市場和浮動匯率的運作系統。比如美國的財政部，根據對匯率波動的干涉程度來決定一個國家時候是否是匯率的操縱者。而一個國家對匯率波動的操縱，也是財政政策的作法之一。財政政策主要是借助中央銀行的調控來調整國內的利率，調整持有的不動產和外匯儲備和利用政府手段干涉匯率的波動。其影響主要是為了調整資金的流通和協助影響其他的商業政策。短期內，決策者也可能會因為其他原因來干涉貨幣的價值，比如控制通貨膨脹來調整市場的物價，降低國內的失業率和生產力的穩定發展，以此保證在國際市場競爭力以及國內金融市場的穩定 。從長遠來說，匯率的調整可以保證國內總產出的穩定發展由此促進國家經濟發展。 (zh)
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- Currency manipulator (en)
- 為替操作国 (ja)
- 환율조작국 (ko)
- 匯率操縱國 (zh)
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