U.S. Treasury Department said on Tuesday that no major trading partner of the United States, including China, manipulated their currencies.

In its Semi-Annual Report to Congress on International Economic and Exchange Rate Policies, the Treasury Department concluded that no major trading partner of the United States met the standard of currency manipulation in the first half of 2017.

However, it put China, Germany, Japan, South Korea and Switzerland on its "monitoring list," which means their foreign exchange policies bear close monitoring.

The Treasury Department said it places "significant importance" on China adhering to its G20 commitments to refraining from engaging in competitive devaluation and not to target China's exchange rate for competitive purposes.

The Treasury Department also said China's efforts to prevent a sudden depreciation of its currency had helped the United States and global economy.

China's recent intervention in foreign exchange markets and tightened capital controls "have likely prevented a disorderly currency depreciation" that would have negative consequences for the United States, China, and the global economy, the report said.

U.S. President Donald Trump said earlier this year that China had not been manipulating its currency for months, a sharp reversal from his campaign rhetoric.

The International Monetary Fund also said in August that Chinese currency renminbi (RMB) remains broadly in line with fundamentals.

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