US Treasury Finds No Currency Manipulation by Trading Partners in 2025
The U.S. Treasury Department released its semi-annual currency report on July 23, 2026, concluding that no major U.S. trading partner manipulated its currency for trade advantage during 2025. However, ten economies—China, Japan, Korea, Taiwan, Thailand, Singapore, Vietnam, Germany, Ireland, and Switzerland—remain on the Treasury's monitoring list for close scrutiny of their currency practices and macroeconomic policies. The report noted that Thailand, Singapore, and Switzerland each met only one of the three criteria for enhanced analysis and could be removed if they fail to meet at least two in the next report. The Treasury also expanded its monitoring scope to include resistance to depreciation pressure, not just appreciation, reflecting a broader approach to exchange rate surveillance.
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