It’s the first time the U.S. has labeled China as a currency manipulator since 1994, and could open the door to new sanctions.
The U.S. Treasury Department designated China as a currency manipulator on Monday afternoon, after the yuan’s value against the dollar fell below a “line in the sand” and intensified trade tensions.
“As a result of this determination, Secretary Mnuchin will engage with the International Monetary Fund to eliminate the unfair competitive advantage created by China’s latest actions,” the Treasury department said, explaining: “In recent days, China has taken concrete steps to devalue its currency, while maintaining substantial foreign exchange reserves despite active use of such tools in the past.
It’s also a reversal for the Treasury Department, which in May declined to give China that label. But President Donald Trump has pressed for that designation.“China has always used currency manipulation to steal our businesses and factories, hurt our jobs, depress our workers’ wages and harm our farmers’ prices. Not anymore!” Trump tweeted Monday before Treasury’s announcement.
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