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Economics

U.S. Spares China From Yuan-Manipulator Label Amid Trade War

  • No major trading partner is declared a currency manipulator
  • Mnuchin says he’s concerned about recent weakness of yuan
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The Treasury Department stopped short of declaring China a currency manipulator. Greg Sullivan reports.(Source: Bloomberg)
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The Treasury Department stopped short of declaring China a currency manipulator in its semi-annual report on foreign-exchange rates, averting an escalation of a trade war while serving notice that the U.S. will closely watch the yuan after its recent slide.

“Of particular concern are China’s lack of currency transparency and the recent weakness in its currency,” Treasury Secretary Steven Mnuchin said in a statement. “We will continue to monitor and review China’s currency practices, including through ongoing discussions with the People’s Bank of China.”