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PoliticsUS Treasury: No major trading partner manipulated currency in 2025
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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.
Source report
The US Department of the Treasury Building in Washington, D.C., U.S., July 11, 2026. REUTERS/Daniel Heuer
Reuters | Thu, July 23, 2026 at 1:04 PM PDT | 2 min read
July 23 (Reuters) – No major U.S. trading partner manipulated its currency to gain an unfair trade advantage in 2025, the U.S. Treasury Department said on Thursday. However, 10 leading trading partners remain on a list for enhanced monitoring of their foreign exchange practices.
In its latest semi-annual currency report, the Treasury stated that its analysis, conducted in accordance with the Omnibus Trade and Competitiveness Act of 1988, found no major trading partner manipulated its exchange rate. A separate analysis also found that none met all three criteria for enhanced analysis of currency practices during 2025.
Monitoring List
The Treasury identified 10 economies on its "monitoring list" of major trading partners whose currency practices and macroeconomic policies merit close attention:
- China
- Japan
- Korea
- Taiwan
- Thailand
- Singapore
- Vietnam
- Germany
- Ireland
- Switzerland
"All were on the monitoring list in the January 2026 report," the Treasury added.
Criteria for Monitoring
Countries are placed on the monitoring list if they meet two of three criteria set out in the Trade Facilitation and Trade Enforcement Act of 2015:
- A significant bilateral trade surplus with the U.S.
- A material current account surplus
- Persistent, one-sided intervention in the foreign exchange market
Changes in the Latest Report
The Treasury noted that Thailand, Singapore, and Switzerland each met just one of the criteria. They will be removed from the list if they meet fewer than two criteria in the next report.
Shift in Monitoring Approach
Prior to January's report, the semi-annual exercise had traditionally focused on whether countries were engaging in one-sided currency intervention or other manipulation to resist appreciation against the dollar, thereby keeping their exports cheaper.
However, starting this year, the Treasury said in January it "is now monitoring more broadly the extent to which economies that choose to smooth exchange rate movements do so to resist depreciation pressure in the same manner as they do to resist appreciation pressure."
Reporting by Dan Burns and David Lawder; Editing by Andrea Ricci
Source
Yahoo FinanceWestern
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US Treasury Finds No Currency Manipulation by Trading Partners in 2025