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- China, South Korea, Germany, Malaysia, Singapore, Switzerland and Taiwan remain on the list
- Japan was removed from the list
- Switzerland exceeded just one of three thresholds in four quarters through Dec 2022
- Reiterates call for increased FX transparency from China
- A number of countries had shifted to position of selling forex reserves to limit declines against strong dollar in 2022
- Does not believe China was intervening extensively to exceed net forex purchases threshold
This report is a charade. If Switzerland wasn’t nailed for openly manipulating for years, no one will be.