In a long-overdue report, the U.S. Treasury also added India, Thailand and Taiwan to a list of trading partners it says may be deliberately devaluing their currencies against the dollar.
The COVID-19 pandemic has skewed trade flows and widened U.S. deficits with trading partners, an irritant to outgoing President Donald Trump, who won office four years ago partly on a promise to close the U.S. trade gap.
The Swiss National Bank said it does not manipulate its currency and “remains willing to intervene more strongly in the foreign exchange market”.
Vietnam’s central bank said it would work with U.S. authorities to ensure a “harmonious and fair” trade relationship.
“Vietnam’s foreign exchange rate policy has for years been managed in a way to contain inflation, ensure macro stability and not to create unfair trade advantage,” the State Bank of Vietnam said in a statement.