U.S. Is Said to Be Concerned About Chinese Yuan’s Recent Drop
2018-10-08 14:36:35.769 GMT
By Saleha Mohsin
(Bloomberg) -- The Trump administration is concerned about
the Chinese yuan’s depreciation as the Treasury Department
weighs whether to name China a currency manipulator in a report
due out next week, a senior Treasury official said Monday.
Treasury Secretary Steven Mnuchin has faced pressure from
the White House to formally designate China a currency
manipulator in the report. The yuan has tumbled 9 percent
against the dollar in the last six months in one of Asia’s worst
performances, raising speculation that China has been
deliberately weakening its currency as trade tensions with the
U.S. have escalated.
Read More: Here’s How Trump Can Formally Name China a
Currency Manipulator
The senior official said the U.S. is closely monitoring the
Chinese currency and is concerned about the recent depreciation.
The official didn’t provide further elaboration.
The official was responding to a question during a briefing
ahead of a visit Mnuchin will make this week to Bali, Indonesia,
for a meeting of finance minsters and central bankers under the
auspices of the International Monetary Fund and World Bank. The
official briefed reporters under condition of anonymity.
Trump accused China and the European Union of manipulating
its currency in a July tweet, saying the move is “taking away
our big competitive edge.”
Donald J. Trump
@realDonaldTrump
China, the European Union and others have been manipulating
their currencies and interest rates lower, while the U.S. is
raising rates while the dollars gets stronger and stronger with
each passing day - taking away our big competitive edge. As
usual, not a level playing field...
Sent via Twitter for iPhone.
View original tweet.
To contact the reporter on this story:
Saleha Mohsin in Washington at smohsin2@bloomberg.net
To contact the editors responsible for this story:
Alex Wayne at awayne3@bloomberg.net
Mike Dorning, Larry Liebert
2018-10-08 14:36:35.769 GMT
By Saleha Mohsin
(Bloomberg) -- The Trump administration is concerned about
the Chinese yuan’s depreciation as the Treasury Department
weighs whether to name China a currency manipulator in a report
due out next week, a senior Treasury official said Monday.
Treasury Secretary Steven Mnuchin has faced pressure from
the White House to formally designate China a currency
manipulator in the report. The yuan has tumbled 9 percent
against the dollar in the last six months in one of Asia’s worst
performances, raising speculation that China has been
deliberately weakening its currency as trade tensions with the
U.S. have escalated.
Read More: Here’s How Trump Can Formally Name China a
Currency Manipulator
The senior official said the U.S. is closely monitoring the
Chinese currency and is concerned about the recent depreciation.
The official didn’t provide further elaboration.
The official was responding to a question during a briefing
ahead of a visit Mnuchin will make this week to Bali, Indonesia,
for a meeting of finance minsters and central bankers under the
auspices of the International Monetary Fund and World Bank. The
official briefed reporters under condition of anonymity.
Trump accused China and the European Union of manipulating
its currency in a July tweet, saying the move is “taking away
our big competitive edge.”
Donald J. Trump
@realDonaldTrump
China, the European Union and others have been manipulating
their currencies and interest rates lower, while the U.S. is
raising rates while the dollars gets stronger and stronger with
each passing day - taking away our big competitive edge. As
usual, not a level playing field...
Sent via Twitter for iPhone.
View original tweet.
To contact the reporter on this story:
Saleha Mohsin in Washington at smohsin2@bloomberg.net
To contact the editors responsible for this story:
Alex Wayne at awayne3@bloomberg.net
Mike Dorning, Larry Liebert