Washington Reverses Brand On China As Currency Manipulator
As predictably as the US President Donald Trump has become, he has arm twisted his way into getting China back into line. While some time back, US Treasury Department had declared China would be considered a currency manipulator, the department has finally retracted the statement. This is being done in the wake of Washington and Beijing signing the first phase of their trade agreement. The US has been for months accusing China was devaluing the Yuan, to make its goods cheaper for foreign buyers. Making a media statement US Treasury Secretary, Steven Mnuchin has said that, "China has made enforceable commitments to refrain from competitive devaluation, while promoting transparency and accountability.” While in 2015 election campaign, Trump at that time had vowed to label China as a currency manipulator in the wake of declining US manufacturing, he didn’t do so after taking office. It has been confirmed that Treasury Secretary Steven Mnuchin eventually made the mo...