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U.S. Treasury Staff Finds China Isn’t Manipulating Yuan, Sources Say
The U.S. Treasury Department’s staff has advised Secretary Steven Mnuchin that China isn’t manipulating the yuan as the Trump administration prepares to issue a closely watched report on foreign currencies, according to two people familiar with the matter. The conclusion, if accepted by Mnuchin, would avert an escalation of the U.S.-China trade war and remove a source of anxiety for emerging markets. Mnuchin could issue a different finding. President Donald Trump has publicly and privately pressured Mnuchin to declare China a currency manipulator, but Treasury staff haven’t found grounds to do so, according to ... (full story)