China was not designated as a currency manipulator in the first half of 2025.

The U.S. Treasury: China Did Not Manipulate the RMB Exchange Rate in the First Half of 2025

In a semi-annual report submitted to Congress, the U.S. Treasury stated that China did not intervene in the RMB exchange rate in the first half of 2025, but Beijing's exchange rate policy remains opaque.

The U.S. Treasury news release stated: "Although the U.S. Treasury did not designate China as a currency manipulator in this semi-annual report, China lacks transparency in its exchange rate policy and exchange rate management practices, which is particularly notable among our major trading partners."

At the same time, the U.S. Treasury emphasized in the report that China has a reportedly "large and growing" trade surplus and that the RMB is "severely undervalued," and called on Beijing to allow the RMB to appreciate promptly and orderly according to market conditions.

The U.S. Treasury also stated that none of America's major trading partners manipulated their currencies against the U.S. dollar in the first half of 2025.

Meanwhile, the Treasury report said that, apart from China, the U.S. Treasury is closely monitoring the monetary policies of nine other trade partners: Japan, South Korea, Taiwan, Thailand, Singapore, Vietnam, Germany, Ireland, and Switzerland.

Original: toutiao.com/article/1855697335767040/

Statement: This article represents the views of the author himself.