South Korea was removed from the list of countries subject to the U.S.’ exchange rate monitoring for the first time in seven years, a biannual U.S. Treasury Department report revealed on Tuesday. South Korea has been on the list since April 2016. China, Germany, Malaysia, Singapore, Taiwan and Vietnam were included as “watchlist” countries, while the ROK and Switzerland were excluded.

Korea was removed from the list for not meeting two of the three criteria in the Trade Facilitation and Trade Enforcement Act of 2015, known as the 2015 Act. The U.S. Treasury Department evaluates the macroeconomic and