ZURICH: Switzerland will likely meet the criteria for the country to be identified as a currency manipulator by the United States in an upcoming report from the US Treasury, according to people familiar with the matter. Massive interventions by the Swiss National Bank this year to slow the appreciation of the Swiss franc will mean Switzerland will now satisfy all three criteria to be called a manipulator, the sources said.

Although uncomfortable for Switzerland, appearing on the list - which is expected in the next few weeks - does not automatically trigger sanctions or tariffs. The designation could lead to high level talks between the United States and the Swiss to resolve the issue.

The SNB declined to comment, while the US Treasury Department had no immediate comment. The SNB has spent 90 billion Swiss francs ($101.15 billion) in the first half of 2020 to slow down the rise as investors sought safe havens during the Covid-19 pandemic.

The figure is far above the 2% of gross domestic product, a level above which the Treasury deems a country to be trying to manipulate its currency. Switzerland also meets the other two criteria, by having a bilateral goods surplus of more than $20 billion and a current account of surplus of more than 2%.