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The United States has announced that it has not designated any country as a currency manipulator

The U.S. Department of the Treasury reported that no major trading partner of the United States manipulated the exchange rate between its currency and the U.S. dollar for export advantage during the four quarters leading up to December 2022.

The United States has announced that it has not designated any country as a currency manipulator

According to a statement from the U.S. Department of the Treasury, it has submitted the "Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States Report" to Congress.

The report highlights that the Treasury reviewed the policies of major trading partners, which accounted for roughly 80% of U.S. foreign goods and services trade, during the four quarters leading up to December 2022.

The statement indicates that the report, in accordance with relevant legislation, analyzed the practices of the United States' major trading partners and concluded that no major U.S. trading partner manipulated the exchange rate between its currency and the U.S. dollar to prevent effective balance of payments adjustments or gain an unfair competitive advantage in international trade.

The statement further notes that in this report, the Treasury found that Switzerland did not meet one of the three criteria for enhanced analysis under the relevant law for the four quarters ending in December 2022. It states that the analysis of Switzerland will continue until it meets any of the criteria.

Additionally, the statement emphasizes that the Treasury will continue to engage with Switzerland to discuss policy options for addressing the underlying causes of its external imbalances, underscoring its commitment to strengthen bilateral relations with the country.

The statement mentions that the "Monitoring List" includes seven countries that are major trading partners requiring close attention to their currency practices and macroeconomic policies. The countries listed are China, South Korea, Germany, Malaysia, Singapore, Switzerland, and Taiwan.

The report also reiterates the Treasury's call for increased transparency in China, highlighting China's failure to publish its foreign exchange interventions and its broader lack of transparency regarding key features of its exchange rate mechanism, which places it in a divergent position among major economies and requires close monitoring by the Treasury.

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