In response to the report, Singapore's central bank said it does not manipulate its currency for export advantage, while Malaysia said its interventions are limited to ensuring an orderly market and avoiding excessive volatility.
Talks to end the trade dispute between the two countries collapsed earlier this month, with the two sides in a stalemate over U.S. demands that China change its policies to address a number of key U.S. grievances, including theft of intellectual property and subsidies for state enterprises. "Treasury will continue its enhanced bilateral engagement with China regarding exchange rate issues, given that the RMB has fallen against the dollar by 8 percent over the last year in the context of an extremely large and widening bilateral trade surplus," Secretary Steven Mnuchin said in the statement.