In its semi-annual report to Congress on currency manipulation, the first under the Biden administration, the US Treasury Department said Friday that no country currently meets the US criteria as a manipulator. It said, however, that Vietnam, Switzerland, as well as Taiwan, will be under enhanced monitoring. The Treasury did not designate China as a currency manipulator, something the Trump administration had done in 2019 during a tense trade stand-off with the world's second largest economy.

The Treasury said Vietnam, Switzerland and Taiwan would be subject to “enhanced engagement'' over currency issues, a lower designation that does not carry immediate risks of US trade sanctions.