Donald Trump designates China as currency manipulator

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The Trump administration formally labeled China a currency manipulator, and the United States government will engage with the International Monetary Fund to eliminate “unfair” competition from Beijing, US Treasury Secretary Steven Mnuchin said in a statement on Monday.

The US Department Department of the Treasury said that the statement from the People’s Bank of China (PBOC) on Monday made clear that Chinese authorities had ample control over the yuan exchange rate.

The Treasury statement said, “This is an open acknowledgment by the PBOC that it has extensive experience manipulating its currency and remains prepared to do so on an ongoing basis.”

The statement said China’s actions violate its commitment to refrain from competitive devaluation as part of the Group of 20 industrialized countries. The Treasury said it expected China to adhere to those commitments and not target China’s exchange rate for competitive purposes.

Earlier, President Donald Trump has said in his tweets that China has intentionally manipulated its currency.

  1. China is intent on continuing to receive the hundreds of Billions of Dollars they have been taking from the U.S. with unfair trade practices and currency manipulation. So one-sided, it should have been stopped many years ago!

  2. ….used currency manipulation to steal our businesses and factories, hurt our jobs, depress our workers’ wages and harm our farmers’ prices. Not anymore!

  3. Based on the historic currency manipulation by China, it is now even more obvious to everyone that Americans are not paying for the Tariffs – they are being paid for compliments of China, and the U.S. is taking in tens of Billions of Dollars! China has always….

  4. China dropped the price of their currency to an almost a historic low. It’s called “currency manipulation.” Are you listening Federal Reserve? This is a major violation which will greatly weaken China over time!

    Comments from hedge fund manager Kyle Bass: The Hong Kong Dollar is now trading through the pegged band of 7.85 in the 1-yr forward space. HKD running for the exits before beijing’s planned massacre. Investors have lost trust…and history tells us what happens next.

    1. chinese currency (USD/CNH) 1 month vol has exploded tonight from 5.6% before the fixing to 9% Not a single price or trade for USD/KRW either…complete short-circuit in Asia. There was plenty of warning for this one…

    2. Beijing is prepping for a massacre in Hong Kong: time for the West to put human rights ahead of free trade : “In the long run, America doesn’t win by trading freely with a nation run by monsters.” carrie lam(b) just told the world what is about to happen.

      by Winnie Troppie

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