The U.S. Treasury Department on Monday dropped its designation of China as a cur...
WASHINGTON - The U.S. Treasury Department on Monday dropped its designation of China as a currency manipulator days before top officials of the world’s two largest economies were due to sign a preliminary trade agreement to ease an 18-month-old tariff war.
In its latest currency report, the Treasury said that as part of the Phase 1 trade deal, China had made “enforceable commitments to refrain from competitive devaluation” and agreed to publish relevant data on exchange rates and external balances. “In this context, Treasury has determined that China should no longer be designated as a currency manipulator at this time,” the report said.
“It should never have happened in the first place,” he said. “China manages, but does not manipulate its currency.”
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