US Designates China as Currency Manipulator

The U.S. designated China as a currency manipulator, saying the country has been trying to gain an “unfair competitive advantage in international trade,” the Department of the Treasury said in an Aug. 5 press release. Treasury said China has “taken concrete steps to devalue its currency” in “recent days” and said China has openly acknowledged that “it has extensive experience manipulating its currency and remains prepared to do so on an ongoing basis.” Treasury Secretary Steven Mnuchin will work with the International Monetary Fund to “eliminate” the unfair advantage created by China's latest actions, the press release said.