Treasury Designates China as a Currency Manipulato
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Posted On: 08/05/2019 9:58:57 PM
Treasury Designates China as a Currency Manipulator
U.S. Department of the Treasury
August 5, 2019
https://home.treasury.gov/news/press-releases/sm751
U.S. Department of the Treasury
August 5, 2019
Quote:
Washington – The Omnibus Trade and Competitiveness Act of 1988 requires the Secretary of the Treasury to analyze the exchange rate policies of other countries. Under Section 3004 of the Act, the Secretary must "consider whether countries manipulate the rate of exchange between their currency and the United States dollar for purposes of preventing effective balance of payments adjustments or gaining unfair competitive advantage in international trade.” Secretary Mnuchin, under the auspices of President Trump, has today determined that China is a Currency Manipulator.
As a result of this determination, Secretary Mnuchin will engage with the International Monetary Fund to eliminate the unfair competitive advantage created by China’s latest actions.
https://home.treasury.gov/news/press-releases/sm751
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