Northeast India’s Only English and Hindi Satellite News Channel

US designates China as ‘currency manipulator’

First Published: 6th August, 2019 15:47 IST

The United States on Monday designated China as a currency manipulator and will work with the International Monetary Fund to address the issue, the Treasury Department said as the trade

The United States on Monday designated China as a currency manipulator and will work with the International Monetary Fund to address the issue, the Treasury Department said as the trade war between two countries escalated further.

Earlier in the day, US President Donald Trump accused China of using currency manipulation to steal US businesses and factories which has hurt the job market. Shortly after his tweet, the Dow Jones Industrial stock index plunged by more than 900 points before closing down 767.

“Secretary (Steven) Mnuchin, under the auspices of President Trump, has today determined that China is a currency manipulator,” the Treasury Department said in a statement.

“As a result of this determination, Secretary Mnuchin will engage with the International Monetary Fund to eliminate the unfair competitive advantage created by China’s latest actions,” it said.

The Treasury stated that China had a long track record of keeping its currency artificially low through massive interventions in foreign exchange markets and recently Beijing had made further moves to devalue its currency.

“The context of these actions and the implausibility of China’s market stability rationale confirm that the purpose of China’s currency devaluation is to gain an unfair competitive advantage in international trade,” the statement said.

The Chinese government had publicly admitted that they controlled the Renminbi (RMB) exchange rate and remained prepared to do so in the future, the Treasury further said.

A weaker yuan could greatly neutralise the effects the US has intended to cause by imposing tariffs on Chinese imports, experts have said.

China has requested that its state-owned companies refrain from buying US imports, according to media reports.

(Sputnik/ANI)

COMMENTS

Leave a Reply

Your email address will not be published. Required fields are marked *

WE RECOMMEND

Banner
Indian Student Dies on His Birthday, Accidently Shoots Himself at His Atlanta Home

Hearing the gunshot, his friends, who were in another room, rushed in to find Aryan lying in a pool of blood.

22nd November 2024
Banner
International court issues arrest warrants for Israeli PM, Defence Minister; Netanyahu calls it “Modern Dreyfus trial”

PM Netanyahu condemned the "antisemitic" decision of the ICC in a statement on his social media platform comparing it to the infamous Dreyfus trial.

22nd November 2024
Banner
India has stayed away from ideas of expansionism, resource-capturing: PM tells Guyana Parliament

PM Modi said the relations betwen India and Guyana are very deep and it is a relation of soil, sweat, diligence.

22nd November 2024
Banner
Is Silver Set to Outshine Gold in the Coming Years? Read To Know More

The Silver Institute has also reported that silver's industrial demand accounts for over half of its total demand.

21st November 2024
Banner
Did Thai Woman Murder 14 Friends for Money? She Sentenced to Death in Shocking Poison Plot

The case centers on the death of Siriporn Khanwong, 32, who accompanied Sararat to Ratchaburi province in April 2023.

21st November 2024