A U.S.-China currency agreement being floated as a symbol of progress in this we...
WASHINGTON - A U.S.-China currency agreement being floated as a symbol of progress in this week’s trade talks between the world’s two largest economies would largely repeat past pledges by China, currency experts say, and will not change the dollar-yuan relationship that has been a thorn in the side of President Donald Trump.
Little is known about the structure of a currency deal that the U.S. Chamber of Commerce said American and Chinese negotiators were working toward on Thursday in their first high-level trade talks since July, but it is widely expected to include a promise from both to sides to refrain from devaluing their currencies to gain a competitive trade advantage.
Myron Brilliant, head of international affairs at the U.S. Chamber of Commerce, said a currency deal would likely be accompanied by the United States’ canceling a planned tariff increase to 30% from 25% on $250 billion in Chinese imports. In August, after the yuan fell below the psychologically important level of 7 to the dollar in response to a new round of U.S. tariffs, the Treasury Department declared China a currency manipulator for the first time in 25 years following Trump’s own tweets that China was manipulating the yuan.
Eswar Prasad, former head of the IMF’s China department and now a trade professor at Cornell University, said it would be convenient time for both sides to agree on the need for maintaining a stable dollar/yuan value — even though this goes against longstanding U.S. demands that China allow its currency to float freely.
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