US designates China as a currency manipulator [View all]
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.
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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
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