The U.S. Treasury Department reported that no major trading partner manipulated their currency in 2024, but added Ireland and Switzerland to its monitoring list for their substantial trade surpluses with the U.S. Despite acknowledging depreciation pressure on the yuan, China was not labeled a manipulator. The Treasury emphasized China's opacity regarding its currency policies, warning that future designation as a manipulator could occur if evidence of intervention arises.
"The SNB does not engage in any manipulation of the Swiss franc. It does not seek to prevent adjustments in the balance of trade or to gain unfair competitive advantages for the Swiss economy."
"Treasury issued a stern warning to China, saying it 'stands out among our major trading partners in its lack of transparency around its exchange rate policies and practices.'"
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