But the department added Thailand to a “monitoring list” in its latest semi-annual currency report, indicating that the country’s currency practices and macroeconomic policies call for close attention.

The other nine economies on this watch list are China, Japan, South Korea, Taiwan, Singapore, Vietnam, Germany, Ireland and Switzerland.

All except Thailand were on the list in the Treasury’s most recent report, published in June 2025.

The department said it has strengthened analysis of the countries’ economies this time as well, including by monitoring efforts to resist depreciation pressure.

In its report, Treasury again took aim at China, saying that even though it has not designated the country as a currency manipulator, “China stands out among our major trading partners in its lack of transparency around its exchange rate policies and practices.”

The report looks into countries with large trade surpluses with respect to the United States, and those who actively intervene in foreign exchange markets to gain a competitive edge.