U.S. Scrutinizing Swiss Currency Practices

Treasury Department also reported progress in talks with Vietnam, Taiwan over their foreign-exchange policies

the Treasury Department reviewed the foreign-exchange practices of major U.S. trade partners

with an eye toward ensuring that no nation was seeking to weaken its currency to gain an unfair trade advantage.

It found that no major trading partner met the criteria of a currency manipulator.

Under the Trump administration, the U.S. briefly designated China, as well as Vietnam and Switzerland, as currency manipulators.

“The Administration continues to strongly advocate for our major trading partners to carefully calibrate policy tools to support a strong and sustainable global recovery,” Treasury Secretary Janet Yellen said.

The report urged China to orient its policy-making toward supporting domestic consumption, rather than exports.

Senior Treasury officials said in-person meetings with Chinese counterparts have largely halted during the pandemic, though conversations over exchange-rate policies continue over the phone.