The US Treasury Department has kept Thailand, China, Japan and seven other major trading partners on its currency monitoring list. In its semi-annual report submitted to Congress on Thursday, July 23, it found no country had manipulated its currency to the point of facing sanctions. The seven other countries on the watchlist are Germany, Ireland, Singapore, South Korea, Switzerland, Taiwan and Vietnam. The assessment criteria include a bilateral trade surplus with the US of at least 15 billion dollars, a current account surplus of at least 3 percent of GDP, and persistent one-sided intervention in foreign exchange markets. Countries meeting two of the three criteria are placed on the list. The report noted that China remains notable for its lack of transparency in exchange rate policy, while Japan has not intervened in currency markets and is particularly transparent in its data disclosures, while also highlighting the yen's continued depreciation despite narrowing interest rate differentials.