The United States on Wednesday (Oct 17) again declined to call China a currency manipulator but said the yuan’s fall and Beijing’s exchange practices were of “particular concern.” File photo of US Treasury Secretary Steven Mnuchin at the IMF/WB Annual meetings in Nusa Dua, Bali. (Goh Chai Hin/AFP) In putting Beijing and five other US trading partners on notice, the Treasury again refrained from escalating a fight over China’s currency as US President Donald Trump had once pledged to do on the campaign trail. “Of particular concern are China’s lack of currency transparency and the recent weakness in its currency,” Mnuchin said in releasing a twice-yearly report to Congress on how country’s manage exchange rates and trade. “These pose major challenges to achieving fairer and more balanced trade and we will continue to monitor and review China’s currency practices, including through ongoing discussions with the People’s Bank of China.” In Wednesday’s report, the Treasury also said Germany, India, Japan, South Korea and Switzerland remained on a “monitoring list” of countries whose currency practices required “close attention.” Washington has long argued Beijing keeps its currency artificially low to make its exports more competitive. In recent years, however, the yuan or renminbi… Read full this story
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