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Yuan’s Gain Has Surprised Trump, Incoming Ambassador Branstad Says

  • China’s currency climbed against the dollar in January
  • Iowa’s Branstad is Trump’s nominee as ambassador to China
Terry Branstad.

Terry Branstad.

Photographer: Albin Lohr-Jones/Pool via Bloomberg
Updated on

Donald Trump probably hasn’t followed through on campaign pledges to label China a currency manipulator because the yuan’s been stronger than he anticipated, the U.S. President’s pick as ambassador to China said Tuesday.

“I think it’s been going the opposite direction than he thought it was going to be going,” Iowa Governor Terry Branstad said in an interview at an ethanol industry conference in Altoona, Iowa. “Obviously, there’s always going to be some issues with regard to currency. There’s a lot of issues there.”