USA removes Switzerland from currency manipulators watch list

USA removes Switzerland from currency manipulators watch list

Wed, Nov 8th 2023

The US Treasury Department continues to refrain from branding Switzerland as a currency manipulator. On the contrary: it has been removed from the watch list. The Department also found that no major US trading partners had manipulated their currencies to gain an export advantage.


For the second time in a row, Switzerland has only met one of three manipulation criteria, the Treasury stated on Tuesday evening in its semi-annual currency report. Switzerland, along with South Korea, will therefore be removed from the “watch list”.

The US trading partners that continue to be subject to close monitoring of foreign exchange and economic policy are China, Taiwan, Germany, Malaysia, Vietnam and Singapore. The report covers foreign exchange transactions in the four quarters ending June 30, 2023.

Under the laws governing the report, the Treasury Department is only concerned with foreign exchange interventions by countries that weaken their currencies against the dollar to gain trade advantages, not to strengthen them.


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