In a statement, the Treasury Department said Secretary Mnuchin, 'under the auspices of President Trump,' has determined that China is a currency manipulator. '
The U.S. Treasury Department designated China as a currency manipulator on Monday afternoon, after the yuan's value CNYUSD, +0.0001% against the dollar fell below a "line in the sand" and intensified trade tensions. In a statement, the Treasury Department said Secretary Steve Mnuchin, "under the auspices of President Trump," has determined that China is a currency manipulator.
"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.
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