Treasury found no currency manipulator, and three economies are one report away from leaving its Monitoring List

No major trading partner of the United States manipulated the rate of exchange between its currency and the dollar during the four quarters through December 2025. That is the conclusion Treasury delivered to Congress on Thursday afternoon in its semiannual foreign exchange report, filed under the Omnibus Trade and Competitiveness Act of 1988 and the Trade Facilitation and Trade Enforcement Act of 2015. The review covers the 20 largest US trading partners, about 78 percent of American trade in goods and services over the period.

The 2015 statute sets three tests: a significant bilateral trade surplus with the United States, a material current account surplus, and persistent one-sided intervention in the currency market. Meet all three and Treasury must open enhanced analysis. None did.

Meet two and an economy goes on the Monitoring List, where it stays for at least two consecutive reports so that any improvement can be shown to be durable rather than temporary. That list now holds 10 economies: China, Japan, Korea, Taiwan, Thailand, Singapore, Vietnam, Germany, Ireland and Switzerland. All 10 were on it in January.

The movement is underneath the list rather than on it. Thailand, Singapore and Switzerland each met a single criterion this period, and the report states they will be removed if they meet fewer than two in the next one.

Treasury did not designate China, and said so in language that leaves the question open. China "continues to stand out among our major trading partners in its relative lack of transparency around its exchange rate policies and practices," the report states, adding that the opacity will not preclude a designation if evidence later suggests Beijing is intervening to resist appreciation of the renminbi.

Secretary Scott Bessent said Treasury is committed to monitoring and combatting unfair currency practices, and tied the work to the administration's trade policy. The report also records joint statements Treasury has now released with seven trading partners, Japan, Switzerland, Malaysia, Thailand, Korea, Taiwan and Vietnam, each reaffirming a commitment not to target exchange rates for competitive purposes.