US labels Switzerland a currency manipulator - BBC

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US labels Switzerland a currency manipulator -  BBC

The US has labelled Switzerland and Vietnam "currency manipulators", accusing the countries of intervening to limit the rise of their currencies against the dollar.

It said Vietnam wanted to keep the cost of its exports low, while Switzerland's designation was due in part to its response to financial turmoil from the pandemic.

Switzerland rejected the label.

It said it remained "willing to intervene more strongly" in the market.

"Foreign exchange market interventions are necessary in Switzerland's monetary policy to ensure appropriate monetary conditions and therefore price stability," the country added.

The designations came in the US Treasury Department's semi-annual report, which examines currency practices of major US trade partners.

Read More at - BBC.