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US reverses China ‘currency manipulator’ label

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US reverses China ‘currency manipulator’ label

The United States has reversed its decision to brand China a currency manipulator as the two countries prepare to wind down their trade war.

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US President Donald Trump has repeatedly accused China of allowing the value of the yuan to fall, making Chinese goods cheaper.

The US said it made the change because China had agreed to refrain from devaluing its currency to make its own goods cheaper for foreign buyers.

Washington and Beijing are expected to sign that “phase one” pact this week.

The deal is aimed at deescalating the tit-for-tat tariff war the two countries have engaged in since 2018.

“China has made enforceable commitments to refrain from competitive devaluation, while promoting transparency and accountability,” US Treasury Secretary Steven Mnuchin said.

US President Donald Trump has repeatedly accused China of allowing the value of the yuan to fall, making Chinese goods cheaper.

But, on Monday, the US said that the value of the yuan had appreciated since August, at the height of the trade war.

Mnuchin also said that China had made “enforceable commitments” to refrain from devaluation and to share more information about its exchange rates.

“In this context, Treasury has determined that China should no longer be designated as a currency manipulator at this time,” the Treasury said.

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