In a semiannual report to Congress, the department kept Japan, China, South Korea, Taiwan, Germany and Switzerland on the so-called "monitoring list", saying the six economies warrant "close attention to their currency practices".
No country met the three criteria to be labelled a currency manipulator in the second half of 2016.
The Treasury report said that for a decade China engaged in one-way large-scale interventions to hold down the currency, and then only allowed it to strengthen gradually - a practice that imposed "significant and long-lasting hardship on American workers and companies".
US President Donald Trump had repeatedly accused China of indulging in currency manipulation to boost exports.
But in his interview with The Wall Street Journal, Trump said he had decided that China hadn't recently been manipulating its currency after all.
Eswar Prasad, a professor of worldwide trade at Cornell University, said the administration's decision not to label China a currency manipulator was a good thing for the global economy. It also noted Korea's track record of "asymmetric foreign exchange interventions".
In its semi-annual report released on Friday, the Treasury Department said China is not manipulating the value of its currency to gain an unfair trade advantage, but it should do more to reduce its large trade surplus with the United States.
Many economists have argued that the Chinese currency, RMB, has been at equilibrium level in recent years.
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Commerce Secretary Wilbur Ross has said that the issue of "currency misalignment" - which could also include unintentional devaluations - will be addressed in a study of trade abuses by nations that run large surpluses with the US, which is due to be ready in June. Economists say the USA currency could rise further as the Federal Reserve raises interest rates.
Friendly relations with China is also crucial as Trump tries to tackle the troublesome North Korea.
"Unfortunately the Presidents failure to name China a currency manipulator is symptomatic of a lack of real, tough action on trade against China".
With Washington pushing a trade agenda aimed at reducing deficits, experts say the most logical option is to lengthen the time period for reviewing currency market interventions from 12 months to several years. The dollar's strength in the past two years has been a drag on USA exports.
"Fixing trade imbalances will be an issue for the USA in its dialogues with China and Japan, while the manipulator threat has been put on the backburner", a Japanese government official told Reuters.
Zhou said plans for the U.S. and China to spend 100 days looking for ways to tackle the trade imbalance were "just a beginning" and could result in China lifting a ban on American beef and opening up its financial market in the short term.
But it is not easy for Taiwan to be removed from the monitoring list since the country is a small scale and open economy which tends to post a large current account surplus, the central bank said.
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