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China No Currency Manipulator, Obama Treasury Says for Last Time

  • Trump has pledged to call China out for unfair practices
  • Treasury adds Switzerland to watch list that includes Japan

The Treasury Department for the final time during President Barack Obama’s tenure declined to label China a currency manipulator, in an implicit rejection of Republican nominee Donald Trump’s hard-line approach to the world’s second-biggest economy.

The Obama administration added Switzerland to a currency watch list that already included China, Japan, Germany, South Korea and Taiwan, according to a semiannual report on global foreign-exchange policies from the Treasury. However, it found that no major trading partner met the legal definition of a currency manipulator, and the U.S. said China’s recent efforts to prop up the yuan were preventing a rapid depreciation that would hurt the global economy.