China’s Currency Manipulator Designation Dropped
Political decision ahead of signing Phase One
The Treasury Department announced that China will no longer be designated as a currency manipulator. Their action comes just days before President Trump and Vice Premier Liu He are scheduled to sign “Phase One” of the long-awaited China trade deal.
Some question whether China actually fit the designation, but the decision to name it such was political, as is the decision to remove them.
China will now be moved to the “monitoring” list that includes nine other countries including Germany, Japan, South Korea, and Switzerland.
Steven Mnuchin, the Secretary of the Treasury, said, “China has made enforceable commitments to refrain from competitive evaluation, while promoting transparency and accountability.”
- For the finalization and signing of Phase One of the trade agreement with China on Wednesday.
- About the benefits that will accrue to American manufacturers, farmers and other businesses as a result of the new trade deal.
- About the issues that will be negotiated in the next phases of the trade deal.