WASHINGTON (Pakistan Point News / Sputnik - 14th January, 2020) The United States is dropping its designation of China as a Currency manipulator as both countries move towards improving trade relations, the Department of Treasury said in a press release.
"The Report concluded that while the currency practices of ten countries were found to require close attention, no major US trading partner at this time met the relevant 1988 or 2015 legislative criteria for currency manipulation or enhanced analysis," the release said on Monday.
Treasury Secretary Steven Mnuchin said China has made commitments in the phase one trade agreement, which will be signed Wednesday, to refrain from competitive devaluation while promoting transparency and accountability.
However, China is among ten major US trading partners that are on a "Monitory List" of countries that merit a close watch of their currency practices, including Germany, Ireland, Italy, Japan, South Korea, Malaysia, Singapore, Switzerland and Vietnam, the release noted.
The Treasury Department has sent the information to Congress in its semiannual "Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States." The Treasury Department reviewed and assessed the policies of 20 major US trading partners in the report.
