US Treasury Department Stops Short of Calling China a Currency Manipulator

The United States has declined to label China a currency manipulator despite President Donald Trump's insistent pledge during the election campaign that he would do so as soon as he took office.

"China has a long track record of engaging in persistent, large-scale, one-way foreign exchange intervention", the Treasury Department said in its semiannual report on the foreign-exchange policies of major USA trade partners.

"China will need to demonstrate that its lack of intervention to resist appreciation over the last three years represents a durable policy shift by letting the RMB (yuan) rise with market forces once appreciation pressures resume", the report said.

Economists and business leaders had said that China wasn't manipulating its currency.

Still, despite that reversal, the report said a decade of holding down the renminbi had imposed "significant and long-lasting hardship on American workers and companies" and left China with the largest trade surplus of any country against the United States - $347 billion previous year. The three are: a significant bilateral trade surplus with the USA; a material current account surplus; and the involvement in persistent one-sided intervention in the foreign exchange market.

Trump, who on the campaign trail blamed China for "stealing" U.S.jobs and prosperity by cheapening its currency, repeatedly promised to label the country as a currency manipulator on "day one" of a Trump administration - a move that would require special negotiations and could lead to punitive duties and other action.

More news: Holy Ghost Catholic Church celebrates Palm Sunday
More news: Russian Federation calls for OPCW investigation into chemical attack at Khan Sheikhoun
More news: Carrie Fisher will not be in 'Star Wars: Episode IX'

Economists agree that China doesn't now merit the label of currency manipulator, and has not engaged in the practice for several years.

That "distortion in the global trading system. imposed significant and long-lasting hardship on American workers and companies".

This was the Trump administration's first release of the twice-yearly report, which evaluates the foreign exchange policies of major USA trading partners.

Trump has said some United States trading partners, particularly China, manipulated their currency, but has since backed off that claim and acknowledged that China had not weakened the yuan to make its exports cheaper. Steven Schwarzman, chairman of the Blackstone Grou and one of Trump's top economic advisers, raised doubt that the administration would designate China as such in its upcoming report.

On Friday, the Treasury Department issued its first report on the currency practices of America's trading partners.

But the reversal could also mean that Trump and Chinese President Xi Jinping may have figured a way to fix the trade imbalance and the tension in the Korean peninsula during their meeting earlier this month in Florida. Germany, South Korea and Switzerland should increase public borrowing to support domestic demand for goods and services, the report suggested.

Related:

  • Fleury makes late start, Penguins rush by Blue Jackets 3-1

    I mentioned in my series preview that Pittsburgh is a little more top heavy than they were previous year . The question most teams seem to ask themselves on a nightly basis is how do we stop Sidney Crosby .
    Dave Chappelle salutes Charlie Murphy at John Mayer concert

    Dave Chappelle salutes Charlie Murphy at John Mayer concert

    He has also starred on shows such as "Are We There Yet?", "1000 Ways to Die" and recently the Starz series "Power". During John's show in Columbus, Ohio, the singer called out his comedian friend, which was a surprise to the fans.

    Substitutes rescue Liverpool against Stoke City

    The Brazil duo's introduction completely transformed the game, but Coutinho was keen to deflect the credit. "It was a big win". Keep the ball in your hands and don't push it away.' He is always there to have a joke, " added the goalkeeper.
  • Home Politics Farooq Abdullah leads by over 9000 votes in Srinagar by

    Home Politics Farooq Abdullah leads by over 9000 votes in Srinagar by

    Abdullah, whose only electoral defeat has come in 2014 Lok Sabha elections when he lost to PDP's Tariq Hameed Karra. After his victory, he told reporters that Governor's Rule should be imposed in Jammu and Kashmir without delay.
    YouTube Has A New Dark Mode: Here's How To Get It

    YouTube Has A New Dark Mode: Here's How To Get It

    There are a couple of different ways to access this dark mode, and Williams broke down one of them in a subsequent tweet. It's essentially a light switch; flip the toggle and the site converts to a dark background on white text.
    United Airlines, Aviation Department Grilled During City Council Hearing

    United Airlines, Aviation Department Grilled During City Council Hearing

    He said his client was in a "secure location" because he has been hounded by media, but that he would speak at a future date. According to airline officials, the sting was not life-threatening. "That is not who our family at United is", he said.
  • Arrest made in connection with death of jogger Vanessa Marcotte

    Arrest made in connection with death of jogger Vanessa Marcotte

    Katrina Vetrano was sexually assaulted and strangled to death during an afternoon run near her parents' home in Queens, New York. Colon-Ortiz was charged early Saturday with aggravated assault, aggravated assault and battery and assault with intent to rape.

    U.S. drops 'mother of all bombs' on Islamic State hideout

    U.S. officials say intelligence suggests Islamic State is based overwhelmingly in Nangarhar and neighbouring Kunar province. Whitehouse spokesman Sean Spicer said that militants had been using the tunnels to target USA and Afghan forces.

    Windows Vista Is Now Dead: Here's How To Upgrade To Windows 10

    This marks the end of an era for an operating system which arrived late in the market and welcomed with widespread criticisms. Microsoft has officially ended support for the much-malignant Windows Vista OS, which was launched in January 2007.
  • Texas coach Tom Herman made hydration pee chart for players

    Texas coach Tom Herman made hydration pee chart for players

    Sophomore Kyle Porter (ankle), the star of last week's scrimmage, has been ruled out of the spring game. In steps Tom Herman and the program hopes it will rise again.
    False Gunfire Report Triggers Penn Station Stampede, Injuring 16

    False Gunfire Report Triggers Penn Station Stampede, Injuring 16

    A New Jersey Transit train with several hundred passengers aboard is stuck in a Hudson River tunnel between NY and New Jersey. An incident involving Amtrak police and a taser caused panic at Penn Station on Friday, leading to a stampede nearby.
    Indian 'rhetoric' on Kulbhushan Jadhav fuelling hatred against Pakistan: Islamabad

    Indian 'rhetoric' on Kulbhushan Jadhav fuelling hatred against Pakistan: Islamabad

    A military court in Pakistan earlier this week found Jadhav guilty on two counts of espionage and sentenced him to death. She said if the decision of the Pakistani court is implemented then it will be seen as a pre-meditated murder.

Comments

Latest news

Bucks Playoff Series In Toronto Opens Saturday
He instead told the organization to donate the money to charity since he didn't want to draw any extra attention on himself. If Valanciunas can impose his size and strength on the Bucks , they will be forced to check Monroe or Henson in early.

NCAA football recruiting changes at a glance
Official visits can't be connected with a prospect's participation in a school's camp or clinic, however. Riley pushed for another to start in June or July, but that lost steam among other coaches.

Braun Strowman flips over ambulance with Roman Reigns inside
Along with throwing Reigns across the backstage area, Strowman also wheeled a stretcher carrying Reigns off a loading dock. Strowman off Backlash as the next RAW brand pay-per-view isn't scheduled until June 4th, Extreme Rules , and Strowman vs.

Srikanth, Praneeth Advance to Semis, Sindhu Loses at Singapore Open
Olympic 2016 runner-up Sindhu suffered a taming 11-21, 15-21 defeat at the hands of her Rio conqueror Carolina Marin of Spain. In the other semi-finals of the tournament, Praneeth beat South Korean Lee Dong Keun 21-6, 21-8 to reach the final round.

Carmelo responds to Phil Jackson saying he'd be 'better off' elsewhere
NY went 31-51, falling well short of preseason expectations bolstered by the offseason additions of Derrick Rose and Joakim Noah. Anthony and Jackson just can't continue to coexist in the same franchise.

S8 Pre-orders Surpass Previous Models — Samsung
The 1-minute ad highlights nearly all the key new features of the Galaxy S8, with the gorgeous Infinity Display being the star. There might also be two screens that will be designed for multi-tasking rather than being used as one huge screen display.

Hydrogen fuel cell cars creeping up on electrics
The hybrid charges on a 240-volt connection in about two and a half hours, and can go about 330 miles on a full tank and battery. That motor will be powered by a 17-kilowatt-hour battery pack and electricity generated by the gasoline engine.

Trump considering to introduce sanctions against Russia, Iran for supporting Syria
Russian state media reported that a frigate, the Admiral Grigorovich, would call at a logistics base at Tartus, Syria. Mr Johnson spent the weekend speaking to G7 foreign ministers ahead of their two-day meeting in Tuscany.

Scorpion Stings Man on United Flight to Calgary
At City Hall Thursday, the Chicago City Council Aviation committee called on United executives to answer for the actions. On Wednesday, Dao's lawyers asked United and the city to preserve any video or audio files from Flight 3411.

LeBron to miss Cavaliers' season finale
Currently, the Cavaliers are one game behind the Boston Celtics for the No. 1 spot in the Eastern Conference standings. The win kept the Jazz tied for fourth seed in the West with the Clippers, who routed the Houston Rockets, 125-96.

LeBron to miss regular-season finale, resting strained calf
James played 47 minutes in a stunning, epic collapse of a loss in a 126-125 decision in overtime to the Atlanta Hawks on Sunday. The Oklahoma City game went to halftime and Westbrook was just four assists shy of the record-breaking triple-double.

United Nations strongly condemns North Korea's latest missile launch
North Korea called that test a success, but some outside analysts said it might test the weapon again before deploying it. Washington, Seoul and others call the North's space program a cover for its long-range missile development program.

Microsoft's May Event Could Focus on Windows 10 Cloud
But what may come as a shock is that we're hearing that we won't see a Surface Pro 5 at the event either. Sources tell The Verge that Microsoft, despite rumors, it will not announce a new Surface Pro device.

Uber's PR head resigns amid tumultuous time for company
The company even has a special hashtag, #DeleteUber, dedicated to it on social media, consolidating anti-Uber sentiment. Every fortnight or so, a senior Uber official announces their departure from the company.

Caitlyn Jenner Claims Robert Kardashian Knew OJ Simpson Was Guilty
Simpson, and of course, represented him during the trial for the 1994 murder of his wife Nicole Brown Simpson and Ronald Goldman . Caitlyn, who married Robert's ex-wife Kris Jenner , made the bombshell claims in her upcoming memoir Secrets of my Life .

Other news