US designates China as currency manipulator
(VOVWORLD) - The United States government has determined that China is manipulating its currency and that the US will engage with the International Monetary Fund to eliminate unfair competition from Beijing, US Treasury Secretary Steven Mnuchin said in a statement on Monday.
 US Treasury Secretary Steven Mnuchin. (Photo: Reuters) |
The same day, US President Donald Trump tweeted that China’s devaluing its currency is a major violation which will greatly weaken China over time. Earlier Monday, the yuan fell to 7 against the US dollar for the first time since 2008, which led to waves of selling battered stock indexes at Wall Street and forced the Federal Reserve to consider lowering rates.