No major trading partners met all three criteria for enhanced analysis during review periodMonitoring list of trading partners whose currency practices ‘merit close attention’ includes China, Japan, South Korea, Singapore, Taiwan, Vietnam, Germany, Ireland and SwitzerlandIreland, Switzerland added to monitoring list due to large bilateral trade surplus with U.S. and large global current account surplusWhile 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 policiesLack 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
The U.S. Treasury’s semi-annual currency report is an official document submitted to Congress that assesses the foreign exchange policies of major U.S. trading partners. Its primary focus is to determine whether any country is deliberately manipulating its currency to gain an unfair trade advantage—typically by undervaluing their currency to boost exports to the U.S. The report is mandated by the Omnibus Trade and Competitiveness Act of 1988 and the Trade Facilitation and Trade Enforcement Act of 2015, which require Treasury to monitor and analyze currency practices globally.
While the label "currency manipulator" gets the most attention, the report is also a key tool in the Treasury’s broader oversight of global macroeconomic imbalances. It provides detailed commentary on global FX trends, capital flows, and policy frameworks, and it often signals Washington's diplomatic posture towards countries like China, Japan, Germany, and others with large external surpluses or tightly managed exchange rates.
This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
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