• China, South Korea, Germany, Malaysia, Singapore, Switzerland and Taiwan remain on the list
• Japan was removed from the list
• Switzerland exceeded only one of the three thresholds in the four quarters to December 2022
• He reiterates the call for more FX transparency from China
• A number of countries have moved into positions to sell foreign reserves to limit downside to a strong dollar in 2022
• It does not believe that China has intervened extensively to exceed the threshold of net forex purchases

This message is a charade. If Switzerland hasn’t been nailed for years of open manipulation, no one will be.