US removes Vietnam out of list of currency manipulators

The US Treasury has removed Vietnam and Switzerland from the list of countries labeled as currency manipulators, reversing a decision of the administration under President Trump last December.

The US Treasury said in its semi-annual report on forex and macro-economic policies of big trade partners of the US to the Congress on April 16 that no country currently meets the US criteria as a manipulator. It said Vietnam, Switzerland and Taiwan will be under enhanced monitoring, which means those countries and territories will not immediately face US sanctions.

In the report, the first of the Biden administration, China is not designated as a currency manipulator. The Trump administration put China on the list in 2019 during a trade stand-off between the world’s two biggest economies.

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