(May 29): The Trump administration again refrained from labelling China a currency manipulator on Tuesday, a decision that leaves one of the president’s campaign promises unfulfilled but avoids further escalation in the trade war between the world’s two largest economies.

The Treasury Department issued its semi-annual foreign-exchange report to Congress, expanding the number of countries it scrutinises for currency manipulation to 21 from 12. Five countries -- Ireland, Italy, Vietnam, Singapore and Malaysia -- joined China, Japan, South Korea and Germany on a watch list for manipulation, while India and Switzerland were removed.

The report was officially due in mid-April but was delayed partly due to the changes to the criteria used to evaluate countries, a senior Treasury official told reporters Tuesday.

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