WASHINGTON, Reuters The U.S. Treasury on Tuesday said no major trading partners appeared to be manipulating their currencies, but it put Vietnam back onto a foreign exchange monitoring list, while removing Switzerland and South Korea from the same scrutiny.

The Treasury39;s semiannual currency report for the four quarters ended June 2023 showed that Vietnam, China, Germany, Malaysia, Singapore, and Taiwan were included on its monitoring list.

These countries exceeded two of three thresholds a trade surplus with the U.S. above 15 billion, a high global current account surplus above 3 of gross domestic product, and persistent net foreign currency purchases exceeding 2 of GDP over a year.

The Treasury said Vietnam was returned to the monitoring list after its global current account surplus shot up to 4.7 of GDP during the monitoring period. Vietnam39;s exports have grown rapidly in recent years as companies shift some production to the fastgrowing Southeast Asian country from China.

Vietnam39;s central bank said in a statement on Wednesday it will maintain close contact with, and establish regular and effective dialogues with the U.S. Treasury to address arising issues in a timely manner.

Switzerland and South Korea were taken off the monitoring list after they met only one criterion for two monitoring periods in a row.

Former U.S. President Donald Trump39;s administration at the end of 2020 declared both Vietnam and Switzerland as currency manipulators due to their…