Summers Says Labeling China Currency Manipulator Is Unjustified

Former Treasury Secretary Lawrence Summers criticized the Trump administration’s decision to name China a currency manipulator and said a U.S. move to intervene in foreign-exchange markets to push the dollar lower against the yuan risked hurting American credibility.

In an interview with Bloomberg Television on Tuesday, Summers said that that he did not see the Treasury intervening in the foreign-exchange markets by buying yuan without the support of the Federal Reserve, saying that it would “betray the aberrant quality of this Treasury’s decision making.”