The Briefing Room
General Category => Economy/Business => Topic started by: libertybele on January 13, 2020, 10:49:12 pm
-
China no longer a currency manipulator, U.S. Treasury says
In another sign of thawing relations, the U.S. Treasury on Monday formally stepped back from its decision last year to label China a currency manipulator.
“Treasury has determined that China should no longer be designated as a currency manipulator at this time,†the department said in its semi-annual report on currency intervention.
Treasury said that the Phase One trade deal to be signed this week contains enforceable commitments by China to refrain from currency devaluation and not target its exchange rate for competitive purposes.
China has also agreed to publish relevant information related to exchange rates and external balances.
The report said Treasury had previously designated China a currency manipulator after the country “took concrete steps†over the summer to devalue the renminbi. After depreciation as far as 7.18 RMB per U.S. dollar in early September, the RMB subsequently appreciated in October and is now trading about 6.93 RMB per dollar, the report said...........
https://www.marketwatch.com/story/china-no-longer-a-currency-manipulator-us-treasury-says-2020-01-13?mod=home-page (https://www.marketwatch.com/story/china-no-longer-a-currency-manipulator-us-treasury-says-2020-01-13?mod=home-page)