The United States has removed Switzerland from its list of currency manipulators despite the Swiss National Bank (SNB) spending CHF110 billion ($119 billion) in the foreign exchange market last year. Reporting to Congress on Friday, the US Treasury Department said it had “determined that there is insufficient evidence to make a finding that Vietnam, Switzerland, or Taiwan manipulates its exchange rate”. However, the Treasury added that it would continue with “enhanced engagement” with Switzerland. “This engagement includes urging the development of a plan with specific actions to address the underlying causes of currency undervaluation and external imbalances.” China, Japan, Korea, Germany, Ireland, Italy, India, Malaysia, Singapore, Thailand, and Mexico are also being closely monitored by the US for their currency practices. The US labelled Switzerland a currency manipulator in December, but the SNB said this would not affect its monetary policy strategy. Label To earn the...
