Key facts
- The U.S. Treasury Department's latest semi-annual currency report found no major trading partner manipulated its currency for unfair trade advantage in 2025.
- Ten economies remain on the Treasury's monitoring list: China, Japan, Korea, Taiwan, Thailand, Singapore, Vietnam, Germany, Ireland, and Switzerland.
- Countries are placed on the monitoring list if they meet two of three criteria: significant bilateral trade surplus with the U.S., material current account surplus, or persistent, one-sided intervention in the foreign exchange market.
- Thailand, Singapore, and Switzerland each met only one of the criteria and may be removed from the list in the next report.
The U.S. Treasury Department announced on Thursday that no major trading partner engaged in currency manipulation for unfair trade advantages in 2025, according to its latest semi-annual currency report. The analysis, conducted under the Omnibus Trade and Competitiveness Act of 1988, also found that no countries met all three criteria for enhanced currency practice analysis.
Despite the absence of manipulation findings, ten economies will remain on Treasury's 'monitoring list' due to their currency practices and macroeconomic policies. These countries are China, Japan, Korea, Taiwan, Thailand, Singapore, Vietnam, Germany, Ireland, and Switzerland, all of whom were also on the list in the previous January 2026 report.
Placement on the monitoring list is based on meeting two of three criteria outlined in the Trade Facilitation and Trade Enforcement Act of 2015: a significant bilateral trade surplus with the U.S., a material current account surplus, or persistent, one-sided intervention in the foreign exchange market. Thailand, Singapore, and Switzerland each met only one of these criteria and face potential removal from the list if they continue to meet fewer than two in the subsequent report.
Historically, the report focused on countries resisting dollar appreciation to keep exports cheaper. However, starting in January, the Treasury expanded its monitoring to include how economies manage exchange rates to resist depreciation pressures, similar to how they manage appreciation pressures.