US Treasury says no other country manipulates their own currency

U.S. Treasury says semi-annual currency report found no major U.S. trading partners manipulated currency to gain unfair trade advantage in four quarters through December 2024

• No major trading partners met all three criteria for enhanced analysis during review period
• Monitoring list of trading partners whose currency practices ‘merit close attention’ includes China, Japan, South Korea, Singapore, Taiwan, Vietnam, Germany, Ireland and Switzerland
• Ireland, Switzerland added to monitoring list due to large bilateral trade surplus with U.S. and large global current account surplus
• While China is not labeled a currency manipulator amid yuan depreciation pressure, China stands out among trading partners for lack of transparency on exchange rate practices and policies
• Lack of transparency will not preclude Treasury from designating China if evidence suggests it is intervening through formal or informal channels to resist yuan appreciation in the future