By Yuka Hayashi 

WASHINGTON -- The Treasury Department added Taiwan to its list of currency manipulators, saying the country's central bank continues to actively intervene in the foreign-exchange market.

Vietnam and Switzerland remained on the list, after receiving the label in January.

The designations came in the Treasury's semiannual report that analyzes foreign-exchange and economic policies of major U.S. trading partners. It was the first report issued under Treasury Secretary Janet Yellen.

"Treasury is working tirelessly to address efforts by foreign economies to artificially manipulate their currency values that put American workers at an unfair disadvantage," Ms. Yellen said Friday.

The report has traditionally been used as a diplomatic tool to prod countries deemed to artificially weaken their currencies to help domestic businesses against foreign competitors.

The designation is largely symbolic. U.S. law requires the administration to initiate consultations with designated nations, but it imposes no immediate penalties.

Write to Yuka Hayashi at yuka.hayashi@wsj.com

(END) Dow Jones Newswires

April 16, 2021 09:15 ET (13:15 GMT)

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