Treasury Semi-Annual Report to Congress on Foreign Exchange Policies Released

The report, released yesterday, is here.

From page 15:

Treasury estimates that China intervened heavily in the foreign exchange market to prevent a more rapid RMB depreciation. Treasury estimates that from August 2015 through February 2017, China sold around $800 billion in foreign currency assets to prevent rapid RMB depreciation. The pace of net foreign exchange sales appears to have abated somewhat in early 2017 amid strengthened enforcement of existing capital controls and stronger economic activity indicators.

Here’s a key graph from the report.

As I noted in an EconoFact memo, the President’s executive order of March 31st was redundant given the already released voluminous USTR report and this now released Treasury report.