Trump Admin Designates China A “Currency Manipulator”
THE TRUMP ADMINISTRATION LABELS CHINA A "CURRENCY MANIPULATOR" AFTER CHINA'S CENTRAL BANK ALLOWED ITS CURRENCY TO WEAKEN AMID THE ONGOING TRADE DISPUTE
(CNN) – The Trump administration is labeling China a “currency manipulator.”
It comes after China’s central bank allowed its currency to weaken amid the ongoing trade dispute.
The people’s bank of China let its currency fall below seven yuan to the U.S. dollar for the first time in a decade.
It’s considered a psychologically significant benchmark.
The move was seen as retaliation after president trump threatened to put a 10% tariff on $300-billion of Chinese goods.
The depreciation comes amid a long-standing trade war between the U.S. and China as each side has dealt economic penalties alongside on-and-off-again negotiations.
Trump accused China on Twitter of depreciating its currency.
Hours later, the U.S. Treasury Department officially labeled China a “currency manipulator.”
The U.S. hasn’t labeled a nation a “currency manipulator” since it tagged China with it in the early 1990’s, during the Clinton administration.