US Refrains From Labeling China, Others as Currency Manipulators

President Trump

President Trump has complained about recent currency devaluations in Russia and China in a recent Tweet Credit Alex Wong Getty

In the interview, Mnuchin was asked to clarify Trump's message, because it contradicted a report issued on Friday by the Treasury Department, which said China's currency recently moved in a way that would benefit U.S. exporters.

President Donald Trump pushed back against the Russian and Chinese governments Monday morning, calling them out for reportedly devaluing their currencies against the US dollar.

Trump said on Twitter on Monday: "Russia and China are playing the Currency Devaluation game as the USA keeps raising interest rates". The president once threatened China with a 45 percent tariff on imports of Chinese goods and notably levied 25 percent tariffs on roughly 1,300 Chinese goods, worth approximately $50 billion, in early April.

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But the president's statement has greater validity if you look over a longer period.China has used management of its currency to shape its economy. "By not labeling them a currency manipulator, they can continue pushing China through the Executive branch".

More widely, the United States dollar index, which measures the greenback's value against a basket of major trading partner currencies, has declined by 11.2 per cent since Trump became president.

White House Press Secretary Sarah Sanders said the administration is closely watching China's currency practices.

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"The increasingly non-market direction of China's economic development poses growing risks to its major trading partners and the long-term global growth outlook", the Treasury said. The department is adding India to that list.

Since Trump took the office in January 2017, the U.S. dollar has fallen considerably against most currencies, including the Chinese yuan and the Russian ruble.

China has historically manipulated its currency for its own benefit.

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The Chinese currency, the Renminbi, has appreciated about three percent against the dollar since the beginning of this year, after strengthening by six percent in 2017.

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