Treasury Designates Vietnam, Switzerland as Currency Manipulators

Wednesday - 16/12/2020 09:01
Switzerland has a large and rising trade surplus with the U.S. The Federal Palace in Bern. PHOTO: STEFAN WERMUTH/BLOOMBERG NEWS
Switzerland has a large and rising trade surplus with the U.S. The Federal Palace in Bern. PHOTO: STEFAN WERMUTH/BLOOMBERG NEWS
Report says the two countries had intervened in foreign exchange markets in a persistent, one-sided manner to limit appreciations of their currencies

WASHINGTON—The U.S. Treasury Department labeled Switzerland and Vietnam as currency manipulators on Wednesday, saying the two countries had intervened in foreign-exchange markets in a persistent, one-sided manner to limit appreciations of their currencies.

“The Treasury Department has taken a strong step today to safeguard economic growth and opportunity for American workers and businesses,” Treasury Secretary Steven Mnuchin said in a statement. “Treasury will follow up on its findings with respect to Vietnam and Switzerland to work toward eliminating practices that create unfair advantages for foreign competitors.”

Mr. Mnuchin’s statement accompanied the Treasury’s foreign-exchange report, which addresses the currency practices and macroeconomic policies of major U.S. trading partners. The report, typically released twice a year, is the Treasury’s primary vehicle for officially designating countries as currency manipulators.


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 Keywords: Vietnam, Switzerland

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