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.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US Treasury Department labels China a currency manipulatorNEW: U.S. Treasury labels China a currency manipulator after Beijing pushed down the value of its yuan in a dramatic escalation of the trade conflict between the world's two biggest economies.
Read more »
US Treasury Department labels China a currency manipulatorWASHINGTON (AP) — The U.S. Treasury Department labeled China a currency manipulator Monday after Beijing pushed down the value of its yuan in a dramatic escalation of the trade conflict between...
Read more »
Treasury Department declares China a currency manipulatorIn a statement, the Treasury Department said Secretary Mnuchin, 'under the auspices of President Trump,' has determined that China is a currency manipulator. '
Read more »
Treasury labels China a currency manipulator, ratcheting up trade warBREAKING: The Trump administration has designated China as a currency manipulator, ratcheting up its trade war by slapping the world’s No. 2 economy with a label no U.S. president has used since 1994
Read more »
S&P 500 futures fall after U.S. Treasury calls China currency manipulatorS&P 500 futures dropped 1.2% late on Monday after the U.S. Treasury Department l...
Read more »
US Treasury designates China as a currency manipulatorChina added its currency to the weapons it is willing to use in the trade war, and now it's up to President Trump to make the next move.
Read more »