Switzerland Remains on U.S. Monitoring List for Currency Manipulation

Here's what it's all about

• The U.S. continues to keep Switzerland on its monitoring list for currency practices.
• In the latest report, Switzerland meets only one of the three criteria.
• If this remains the case in the next report, Switzerland is to be removed from the list.

Summary created with

Switzerland, along with nine other countries, remains on the U.S. monitoring list for currency manipulation. However, Switzerland has a chance of being removed from the list in the next edition of the report.

In the report, published every six months, the U.S. Department of the Treasury examines the practices of the United States’ major trading partners, which together account for about 80 percent of U.S. foreign trade. U.S. Treasury Secretary Scott Bessent aims to combat unfair currency practices that would harm American companies, as he explained in a statement released Thursday evening.

The latest report found that none of the major trading partners met all three criteria for an in-depth review in 2025, according to the report. However, ten countries are on the watch list whose currency practices and economic policies warrant increased attention, it was noted: In addition to Switzerland, these include China, Germany, Ireland, Japan, Singapore, South Korea, Taiwan, Thailand, and Vietnam.

A country is added to the list if it meets two out of three criteria. And once a country is on the list, it remains there for at least two semi-annual reports. In this way, the U.S. government aims to ensure that the measures taken are permanent.

A chance in the next issue

The U.S. Department of the Treasury had placed Switzerland on the watch list in June 2025. Switzerland could now be removed from the list in the next report. In the current report, Switzerland, along with Thailand and Singapore, met only one of three criteria. “They will be removed from the watch list if they meet fewer than two criteria in the next report,” wrote the U.S. Department of the Treasury.

The Swiss National Bank (SNB) has consistently rejected allegations of currency manipulation. Last September, the Federal Department of Finance (FDF), the Swiss National Bank, and the U.S. Department of the Treasury signed a joint statement on macroeconomic and exchange rate issues.

In it, Switzerland and the United States reaffirm their commitment not to use exchange rates to prevent balance-of-payments adjustments or to gain unfair competitive advantages. The statement also confirmed that foreign exchange market intervention is an important monetary policy tool for the SNB to ensure appropriate monetary conditions and fulfill its statutory mandate of price stability.