U.S. Treasury Department Labels China a Currency Manipulator

From bnnbloomberg.ca

The U.S. Treasury Department officially labeled China a currency manipulator after the country’s central bank allowed the yuan to fall below 7 per dollar in retaliation for new tariffs on its imports. Under the designation, Treasury Secretary Steven Mnuchin “will engage with the International Monetary Fund to eliminate the unfair competitive advantage created by China’s latest actions,” the department said in a statement Monday. Trump called the yuan’s plunge “currency manipulation” in a tweet earlier on Monday and indicated he’d like the Federal Reserve to counter the move. The two countries escalated their trade ... (full story)