Treasury reports delayed to force Beijing's yuan promises

Business | 14 Jan 2020 9:19 am

The US Treasury Department is required to report to Congress twice a year in April and October on whether any countries are manipulating their currencies to gain unfair trade advantages against U.S. businesses and workers.

When a country manipulates its currency to keep it artificially low, its goods become comparatively less expensive overseas — and other countries’ goods become relatively more expensive.

The new report is technically three months late, apparently because the Trump administration had delayed its release until it had achieved the currency phase one commitments from China.

The initial decision to brand China as a manipulator had come in a surprise announcement in August, reversing a Treasury finding in May that no country was manipulating its currency.

The United States had not put any country on the manipulation blacklist since the Clinton administration branded China a manipulator 26 years ago.

US President Donald Trump had long accused China of manipulating its currency, even though most independent experts concluded that Beijing had stopped doing so years ago.-AP

 

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