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US no longer accuses China of manipulating currency NOW

The United States has reversed their decision to characterize China as a country manipulating their course. The US Treasury Department announced this on the night of Monday to Tuesday (Dutch time).

The adjustment comes after China alleged to no longer keep their currency low to keep their own products cheap for export. China will also give more openness about the course.

US President Donald Trump said several times that China lowered the value of the Yuan, the Chinese currency, to make Chinese products cheaper for international sales.

In August, US Finance Minister Steven Mnuchin officially appointed China as a “currency manipulator.”

China itself has always denied manipulating the currency. According to the Chinese government, the fall in prices was caused by investor concerns about the trade war between the two countries. The International Monetary Fund (IMF) confirms China’s explanation.

China and the US sign a partial agreement on the trade dispute later this week. The so-called ‘phase one’ trade agreement must ensure that tensions between the two countries de-escalate. The two countries have been engaged in a trade dispute for a year and a half.

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