US: No currency tricks in '24

But Ireland and Switzerland join seven others on global monitoring list

- DAN BURNS

No major US trading partner manipulated its currency in 2024, the Treasury Department said on Thursday in the first semi-annual currency report of President Donald Trump's new administration, although its “monitoring list” of countries warranting close attention grew to nine with the addition of Ireland and Switzerland.

While it did not label China a currency manipulator for now despite “depreciation pressure” facing its currency, the yuan, Treasury issued a stern warning to China, saying it “stands out among our major trading partners in its lack of transparency around its exchange rate policies and practices.”

“This lack of transparency will not preclude Treasury from designating China if available evidence suggests that it is intervening through formal or informal channels to resist [yuan] appreciation in the future,” Treasury said in a statement.

Treasury said China, Japan, South Korea, Taiwan, Singapore, Vietnam, Germany, Ireland and Switzerland were on its monitoring list for extra foreign exchange scrutiny.