News

US drops China ‘currency manipulator’ tag prior to trade deal

currency_banknotesThe US has reversed course, no longer branding China a currency manipulator ahead of a “phase one” deal which is expected to be signed by both sides this week. The agreement aims to de-escalate a bruising and tit-for-tat trade war between Washington and Beijing. US President Donald Trump is scheduled to sign the phase one deal at the White House on January 15, 2020, where top-level representatives from China will join him. Trump said he will travel to Beijing at a later date to thrash out “phase two” discussions. Explaining the decision to drop the currency manipulator tag which was designated in August last year, Steve Mnuchin, US Treasury Secretary said in a statement: "China has made enforceable commitments to refrain from competitive devaluation, while promoting transparency and accountability.” According to the US Treasury department Beijing has made “enforceable commitments” against devaluing the yuan and will also publish exchange-rate information. News of the tag being lifted resulted in the Chinese yuan soaring to a five-month high against the US dollar. ©2020 funds global asia

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