US no longer labels China 'currency manipulator'

US no longer labels China 'currency manipulator'

Jan 14, 2020

Washington (USA), Jan 14: The US Treasury Department has dropped its designation of China as a currency manipulator, citing improvements in the nation's currency practices.
That decision is outlined in a semiannual report on the foreign-exchange policies of major trading partners.
It says China will no longer be designated a currency manipulator "at this time."
The report says China has made "enforceable commitments" to refrain from competitive devaluation. That comes as part of an agreement for a "Phase One" trade deal, to be signed this week.
Treasury Secretary Steven Mnuchin says the deal will lead to greater economic growth, and opportunities for American workers and businesses.
The Trump administration has said it will lower some tariffs on Chinese imports after the agreement is signed.
But the Treasury Department says it will keep China on its watch list for currency practices. There are nine other countries on the list, including Germany and Japan.
US officials designated China a currency manipulator in August, for the first time in 25 years. They said the country had devalued its currency to gain an unfair trade advantage.
Source: NHK World