In December 2020, the U.S. Treasury Department released a report presenting a list of economies engaging in currency manipulation, including Vietnam. Although in the 2021 report, the U.S Treasury Department concluded that there was not enough evidence to prove that Vietnam manipulated the currency to create a competitive advantage in trade, once again Vietnam was listed in the report in 10th June, 2022. In August 2019, China, Vietnam’s largest trading partner, was labeled a currency manipulator, and that label was removed in January 2020. This paper studies the case of China, clarifying why this nation was listed as a currency manipulator and the sequent effects as well as the actions they have taken to remove the label, thereby giving lessons for Vietnam.