The US Treasury said the prospects for China’s “sustainable growth” were dim because it criticized its economic policies and the activities of its state-owned banks, but declined to call it a currency manipulator.

When releasing its biannual report on the currency practices of major trading partners, the Biden administration said China’s response to Covid-19 “was aimed at rapidly resuming manufacturing rather than supporting household consumption “and the absence of a demand-driven stimulus would hamper the country’s growth.

In addition, the Treasury attacked Beijing for a lack of transparency around its currency interventions.

“China’s inability to publish its foreign exchange intervention and the general lack of transparency regarding the main features of its exchange rate mechanism make it an exception among large economies, and the activities of state-owned banks in particular warrant a close monitoring of the Treasury, ”he added.

While the US Treasury temporarily branded China a currency manipulator under the Trump administration, at the height of the Washington-Beijing trade tensions, the Biden administration did not go that far.

The latest report from the Biden administration continued to point to Taiwan and Vietnam as the countries at the top of the list of concerns in terms of monetary practices. The Treasury said it was engaged in consultations with them and was “satisfied” with Vietnam’s progress since an agreement between the two countries was reached in July.

Besides China, Taiwan and Vietnam, the Treasury said it was monitoring monetary practices in Japan, Korea, Germany, Ireland, Italy, India, Malaysia, Singapore, Thailand, Mexico and in Swiss.