U.S. Treasury Department on Friday declared that no major trading partner of the U.S., including China, met the standard of manipulating its currency, while it retained six economies on a monitoring list created to indicate "unfair" currency practices.
In its Semi-Annual Report to Congress on International Economic and Exchange Rate Policies, the department said none of its major trading partners has manipulated their currencies over the past six months to keep them undervalued.
However, it still puts China, Japan, South Korea, China's Taiwan, Germany, and Switzerland on its Monitoring List, saying their foreign exchange policies bear close monitoring.
The Treasury Department created the list in April this year based on an analysis of three criteria, including a significant bilateral trade surplus with the U.S., a material current account surplus and engaging in persistent one-sided intervention in the foreign exchange market.
In the report, the department said that China met one of the criteria, a significant bilateral trade surplus with the U.S., instead of two as indicated in April's report.
The latest report explained that China's current account surplus fell to 2 percent of GDP in the first half of this year, moving below the established threshold for the criterion that current account surpluses in excess of 3 percent of GDP can be regarded as "material."
The other five economies met two of the three criteria each.
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