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International News

Aug 06, 2019
8:50AM

United States designates China a "currency manipulator"

AIR PIC
The United States has designated China a "currency manipulator", a move that could escalate the tense trade relations between the two nations.

During the 2016 presidential elections, Donald Trump had promised to label China as a currency manipulator, but the Department of Treasury kept the country on its watchlist, declining to take the step.

Treasury Department last night announced that Secretary Steven Mnuchin, under the auspices of President Trump, has determined that China is a 'Currency Manipulator'.

Mnuchin, after this decision, will engage with the International Monetary Fund to eliminate the unfair competitive advantage created by China's latest actions, the treasury said.

Earlier in the day, Trump tweeted that China is intent on continuing to receive the hundreds of Billions of Dollars they have been taking from the US with unfair trade practices and currency manipulation.

In a statement, the treasury department alleged that China has a long history of facilitating an undervalued currency through protracted, large-scale intervention in the foreign exchange market.

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