US removes 'currency manipulator' label from China

Ahead of 'phase one' agreement

clock • 1 min read

The US Treasury has said China should "no longer be designated a currency manipulator at this time" as the two countries prepare to sign a 'phase one' trade deal this week.

China was labelled a currency manipulator in August last year, when US President Donald Trump said the country had allowed the Chinese renminbi (RMB) to devalue. In a report published yesterday (13 January), the US Treasury department stated that after depreciating as far as RMB7.18 per US dollar in early September, the renminbi appreciated in October and "is currently trading at about RMB6.93 per dollar". In the report, the US Treasury stated: "Since August, Treasury has held negotiations with the PBOC over currency issues to eliminate the unfair competitive advantage created by Chin...

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