The U.S. Treasury Department labelled China a manipulator after the currency slid past the key level of 7 to the dollar. The sudden escalation will make it harder for both sides to reach a trade truce. GinaChon
The U.S. Treasury Department on Aug. 5 labeled China a currency manipulator after the yuan depreciated below seven to the U.S. dollar, a line that the People's Bank of China and state-owned banks had held for more than a decade. Treasury Secretary Steven Mnuchin will engage with the International Monetary Fund to eliminate “the unfair competitive advantage created by China’s latest actions,” the department said in a statement.
It’s the first time the U.S. government has classified China as a manipulator since 1994. Trump tweeted on Aug. 5 that China has always used currency manipulation to “steal” American businesses and factories. The Chinese central bank said in a statement that the yuan move was due to the impact of “unilateralism, protectionism and tariffs”.
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