The U.S. Treasury Department on Monday said China should no longer be designated a currency manipulator in a long-delayed semi-annual currency report, reversing its August finding, which had roiled financial markets.
The widely expected decision came as a high-level Chinese delegation arrived in Washington ahead of Wednesday’s signing of a Phase I trade agreement aimed at easing tensions between the world’s two largest economies after over 18 months of tit-for-tat tariffs that have weighed on global growth.
The Treasury Department designation in August was the first time since 1994 that the United States had determined China was manipulating its currency, accusing China of creating an unfair competitive trade advantage.
David Adams
Article URL : https://www.ntd.com/us-removes-designation-of-china-as-currency-manipulator_423332.html