On Friday, the U.S. Treasury Department released its semi-annual report on currency manipulating countries. No country was identified by the United States that intentionally manipulated the currency for commercial gain or to maintain the balance of payments during the months of January through June 2021.
However, the report also states that Vietnam and Taiwan violated three U.S. criteria: a trade surplus with the United States, a current account surplus including central bank currency intervention. While neither country was found to have engaged in intentional currency manipulation. Now, the United States continues to work with the two countries to resolve the issues.
In addition, Switzerland was named as a country that had intentionally manipulated the currency in 2020. It was included in the list of countries that are closely monitored, including China, Japan, Malaysia, Singapore, South Korea, India, Germany, Ireland, Italy, Mexico and Thailand.