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Tokyo Bank Paying $8.6 Million as as Result of OFAC Charges
December 13, 2012 by Mike Feazel|Treasury Dept.

The Bank of Tokyo-Mitsubishi UFJ agreed to pay $8,571,634 to settle civil liability for apparent violations of the Burmese Sanctions Regulations, the Iranian Transactions Regulations, the Sudanese Sanctions Regulations, and the Cuban Assets Control Regulations between April 3, 2006, and March 16, 2007, said the Treasury Department's Office of Foreign Assets Control.

Treasury Dept. Says China Moving to Better Exchange Rates
November 28, 2012 by Mike Feazel|Treasury Dept.

The Treasury Department again declined to declare China a currency manipulator, despite finding continued undervaluation of the renmenbi, in its latest semiannual report on international exchange rates and their effect on trade. Because of China's actions to appreciate its currency and move to a more market determined exchange rate, the RMB has appreciated by 9.3 percent in nominal terms and 12.6 percent in real terms against the dollar since June 2010, according to the report. China's trade and current account surpluses both have fallen to 2.6 percent of GDP from peaks of 8.8 and 10.1 percent of GDP, respectively, the report said.