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U.S. Concerned About Chinese Yuan’s Recent Drop, Official Says

  • Treasury weighs whether to name China a currency manipulator
  • PBOC set weakest daily yuan fixing rate Tuesday since May 2017
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Yifan Hu of UBS Global Wealth Management discusses the U.S.-China trade war, China’s economy and currency.(Source: Bloomberg)
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The Trump administration is concerned about the Chinese yuan’s depreciation as the Treasury Department weighs whether to name China a currency manipulator in a report due out next week, a senior Treasury official said Monday.

Treasury Secretary Steven Mnuchin has faced pressure from the White House to formally designate China a currency manipulator in the report. The yuan has tumbled 9 percent against the dollar in the last six months in one of Asia’s worst performances, raising speculation that China has been deliberately weakening its currency as trade tensions with the U.S. have escalated.