US designates China as a currency manipulator

[Eugene]

Source: The Guardian and agencies

The US government has labeled China a currency manipulator, a move that could pave the way for new sanctions on China.

The US has determined that China is manipulating its currency, and 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 decision came hours after Donald Trump accused China of unfairly devaluing its currency, and it marks a reversal for the Treasury department.

The US has not put China on the currency blacklist since 1994.

-snip-

Dominic Rushe agencies
@dominicru
Mon 5 Aug 2019 23.26 BST Last modified on Tue 6 Aug 2019 00.26 BST


Read more: https://www.theguardian.com/us-news/2019/aug/05/us-designates-china-as-currency-manipulator

[bucolic_frolic]

1. Time to load up on what's made in China

which means just about everything

[yaesu]

2. china could crush us without breaking a sweat, we are at their mercy. nt

[LiberalFighter]

3. For what Trump did.

[sinkingfeeling]

4. Wasn't it just last week, after Fed lower rate, that the Fat One threatened

to devalue the dollar?

[MattInMN]

5. Next up...

...China dumps its $1Trillion of US T-bills sending us into recession.

[Wellstone ruled]

7. Believe it is 2.3 trillion.

Maybe more,that was a number thrown out when the Genius Squad went to China.

[Igel]

8. Not 2.3 trillion.

https://ticdata.treasury.gov/Publish/mfh.txt

[Wellstone ruled]

9. So the Knotheads on Bloomberg rolled two months

into their Speal . Not surprised. Still the One Plus will raise holy hell on our economy. Thanks for the chart,just bookmarked that site.

Will be tuning in Bloomberg overnight in a couple hours. Interesting how Eourpe does news and financials.

[OnlinePoker]

11. 8th country on the list - Cayman Islands

The rich are still using their refuge of choice to hide their money from the government, an extra $18 billion in the last year.

[jpak]

6. Ruh Roh!

Here we go!

[Ford_Prefect]

10. One more move towards disaster capitalism. The winners will own what's left afterwards.

[machoneman]

12. Ironic that after pulling out of all kinds of treaties, now Mnuchin wants the IMF to bail him out.

Cute move. Won't work at all.