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US Treasury Department labels China a currency manipulator

/ 06:45 AM August 06, 2019

WASHINGTON – The U.S. Treasury Department labeled China a currency manipulator Monday after Beijing pushed down the value of its yuan in a dramatic escalation of the trade conflict between the world’s two biggest economies.

The decision, which came hours after President Donald Trump accused China of unfairly devaluing its currency, marks a reversal for Treasury: In May, it had declined to sanction China for manipulating its currency.

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

The designation could pave the way for more U.S. sanctions against China.

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Earlier Monday, China had allowed its currency to weaken to an 11-year low, a move that gives its exporters a price edge in world markets and eases some of the damage from U.S. tariffs on Chinese products. /gsg

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TAGS: China, currency, US, US Treasury Department, world news, Yuan
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