Treasury kept 10 economies, including South Korea, China and Japan, on its currency monitoring list in a July 23 report and said the won remains under depreciation pressure despite South Korea’s large current-account surplus.
The U.S. Treasury Department said no major U.S. trading partner manipulated its currency to gain an unfair trade advantage in 2025, while keeping 10 economies on an enhanced monitoring list for foreign-exchange practices in its July 23 semiannual report to Congress. The list remained unchanged from January and includes China, Japan, South Korea, Taiwan, Thailand, Singapore, Vietnam, Germany, Ireland and Switzerland. Treasury said no economy met all three statutory tests that would trigger enhanced analysis under U.S. law. It added that the won has remained under depreciation pressure despite South Korea’s large current-account surplus, while noting progress by South Korean authorities in easing restrictions on foreign investors in the domestic foreign-exchange market, which Treasury said should support market liquidity and price discovery over the medium term.