KUALA LUMPUR: Many argue that China’s impressive growth for the last four decades has been due to deliberate exchange rate undervaluation, promoting exports and discouraging imports. In August last year, President Donald Trump’s administration accused China of engaging in currency manipulation.

Apparently as part of the first phase of their latest trade deal, on January 13, the United States no longer designates any major trading partner, including China, as being a currency manipulator. However, Switzerland has been added to the US watch list, which also includes China, Germany, Ireland, Italy, Japan, Korea, Malaysia, Singapore and Vietnam.