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FX Manipulation: To Take Trump Seriously Means not Literally
Through Republican and Democrat Administrations, no US president has found that a foreign country’s activities have risen to the level that can be considered manipulation for nearly a quarter of a century. Initially, the law required a judgment of intent. Intervention by itself, or even a pegged currency regime, was not proof of manipulation. Unsatisfied with the process, Congress provided some quantitative metrics, like a large bilateral surplus with the US, large external surplus overall, and significant intervention on one side of the market. The Treasury issues its evaluation twice a year as Congress mandate. ... (full story)
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