US Treasury stops short of naming currency manipulators

Switzerland dropped off the list, last published in April, of countries exceeding the three thresholds, with officials saying it violated two of the criteria while narrowly missing a third.

The Treasury said it was “satisfied with progress made by Vietnam to date” on addressing exchange-rate issues.As in April, the Treasury concluded there was “insufficient evidence” to designate Switzerland, Taiwan and Vietnam as manipulators of their currencies, even while saying that two had met thresholds for that label.

On China, the report said the country’s “failure to publish foreign exchange intervention data and broader lack of transparency around key features of its exchange rate mechanism make it an outlier among major economies.” The Treasury also said it will closely monitor the foreign-exchange activities of China’s state-owned banks.In its latest report, the Treasury made adjustments to its criteria for identifying policies that indicate potential currency manipulation.

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