Mnuchin Says American Workers Benefit From Latest China FX Moves
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U.S. Treasury Secretary Steven Mnuchin said China’s recent use of foreign currency reserves to prop up the yuan works to the benefit of American workers, and reverses years of intervention that made the country’s products cheaper to sell abroad. He speaks during testimony before the Senate Banking Committee. (Source: Bloomberg)
U.S. Treasury Secretary Steven Mnuchin said China’s recent use of foreign currency reserves to prop up the yuan works to the benefit of American workers, and reverses years of intervention that made the country’s products cheaper to sell abroad.
“China has used their currency reserves to go the other direction, which is actually good for American workers,” Mnuchin told the Senate Banking Committee on Thursday, citing the findings of the Trump administration’s first Treasury report of foreign currency practices in April.