Central banks have slowed their purchases of gold, but investors have more than made up the difference

This Report assesses developments in international economic and exchange rate policies over the four quarters through June 2025 (the official Report period) and more recent developments where data are available. The analysis in this Report is guided by Sections 3001-3006 of the Omnibus Trade and Competitiveness Act of 1988 (1988 Act) (codified at 22 U.S.C. §§ 5301-5306) and Sections 701 and 702 of the Trade Facilitation and Trade Enforcement Act of 2015 (2015 Act) (codified at 19 U.S.C. §§ 4421-4422), as discussed in Section 1 of this Report. Treasury reviews developments in the 20 largest trading partners of the United States over the period of review. These economies accounted for about 78% of U.S. trade in goods and services over the four quarters through June 2025. President Trump is committed to pursuing economic and trade policies that will spur an American revitalization marked by strong economic growth, the elimination of destructive trade deficits, and countering unfair trade practices. For decades, unfair currency practices abroad have contributed to the U.S. trade deficit and the hollowing out of U.S. manufacturing employment. When a trading partner engages excessively in foreign exchange market interventions or other actions to artificially lower the value or suppress appreciation of its currency, this distorts market-based competition, promoting domestic production and exports and suppressing imports in ways that do not reflect the productivity of economies or competitiveness of traded goods. Treasury is closely monitoring whether our trading partners may act through foreign exchange intervention and non-market policies and practices to manipulat *TREASURY SAYS YUAN 'SUBSTANTIALLY UNDERVALUED' *US CALLS ON CHINA TO ALLOW YUAN TO STRENGTHEN IN TIMELY MANNER