from treasury.gov:
Deputy U.S. Trade Representative Michael Punke and Treasury Deputy Assistant Secretary for International Monetary and Financial Policy Mark Sobel today began a two-day series of meetings at the World Trade Organization’s (WTO) seminar on the relationship between exchange rates and trade, where they will advocate for market-determined exchange rates as a foundation of an open global trading system.
U.S. participation in the WTO seminar is premised on the importance of trade liberalization and recognition that persistently misaligned exchange rates and competitive devaluations undercut an open trading system.
Ambassador Punke stated: “Expanding international trade is critical to a vibrant global economy, a reduction in poverty, employment growth, and rising incomes. The work of the WTO is vital in promoting trade through rules that open markets and a dispute system that gives teeth to those rules. The success of the WTO was evident during the most recent global crisis when countries largely resisted pressures to enact protectionist measures. This seminar reminds us of the importance of exchange rates in the global trading system. Real exchange rates that are aligned with fundamentals are a necessary foundation for the global trading system.”
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