US Treasury Department designates China as currency manipulator
United States Secretary of the Treasury Steve Mnuchin announced Monday that the US has designated China as a "currency manipulator," APA reports citing CNBC.
Via a release from the Treasury Department, Mnuchin asserted that Beijing and the People's Bank of China (PBOC) had violated "China's G20 commitments to refrain from competitive devaluation."
Citing an August 5 statement from the PBOC, the release quotes Chinese authorities as claiming to have "accumulated rich experience and policy tools, and will continue to innovate and enrich the control toolbox, and take necessary and targeted measures against the positive feedback behavior that may occur in the foreign exchange market."
The secretary asserted that this amounted to Beijing's "open acknowledgment" of "extensive experience manipulating its currency and remains prepared to do so on an ongoing basis."
Mnuchin plans to confer with the International Monetary Fund to "eliminate the unfair competitive advantage created by China's latest actions."
This is the first time China has been labeled a manipulator by the US Treasury since 1994.
“I think many people in the private sector may not conclude it is a currency manipulator. The key rule is it’s not intervening consistently or persistently to weaken the currency and therefore the private sector, like economists and strategists may not be convinced,” Bannockburn Chief Market Strategist Marc Chandler told CNBC following the US Treasury announcement. He also noted the move is "another step in the currency war."
Monday afternoon the Dow Jones Industrial Adverage plummeted 767.27 points, hours after the yuan fell in price.
China dropped the price of their currency to an almost a historic low. It’s called “currency manipulation.” Are you listening Federal Reserve? This is a major violation which will greatly weaken China over time!
Furthermore, Beijing announced it would immediately halt further imports of US agriculture goods in response to US President Donald Trump's recent threats to slap China with a 10% tariff on some $300 billion worth of goods.
Prior to Monday's designation, the Trump administration had passed on five chances to label China a currency manipulator, according to CNBC.
Trump reportedly agrees to hold off on tariffs with France until digital tax talks end
Merkel: Participants of Berlin Summit agree on comprehensive plan for Libyan settlement
Trump says U.S. ready to 'help' in India-Pakistan Kashmir dispute
Militants kill 36 civilians in Burkina Faso market attack - UPDATED
Russian defense and foreign ministers keep posts in Putin shake-up
President Ilham Aliyev met with EBRD President in Davos
US imposes sanctions on 15 Venezuelan aircraft - Treasury
President Ilham Aliyev met with LUKOIL president in Davos
Trump's impeachment trial begins in Senate
Russia gets new government in what Putin calls major renewal
President Ilham Aliyev met with Croatian Prime Minister
President Ilham Aliyev met with Turkish Foreign Minister in Davos
President Ilham Aliyev met with President of World Economic Forum in Davos
New Lebanon government agreed, announcement due soon
New China virus claims sixth victim as holiday travel stokes risk
President Ilham Aliyev met with Chief Executive Officer of "Signify" Company
Over 5,000 students from 84 foreign countries receive education in Azerbaijan
Libya’s Haftar eyes military solution to Libyan conflict, says Turkish minister
Azerbaijan Defense Minister visits Heroes Square in Tbilisi
Number of Azerbaijani population announced
Zakir Hasanov: “Azerbaijani-Georgian military cooperation will develop successfully”
Belarus cancels suspension of petroleum products export
UK PM's spokesman: "Britain wants friendly relationship with EU in the future"
BP pulls out of Iraq's Kirkuk field as expansion plans stall
Azerbaijan increases gold and silver production
IMF: UK economy will outperform Eurozone rivals this year and next
Volume of GDP per capita in Azerbaijan increased by 1,4 % last year
Azerbaijan decreased oil production by 3% and increased gas production by 28% last year
WHO expects further spread of new coronavirus in China
Eight Indian tourists die in Nepal after lighting gas heater in hotel
112 international observers accredited in regard with parliamentary elections in Azerbaijan
95 persons revoke candidacies in parliamentary elections
Kremlin stresses Medvedev’s cabinet resigned amid initiatives proposed by president
Trump says Fed has lowered rates too slowly
Russian space firm offers lunar transportation system independent of US orbital platform
Five killed, 11 injured in car crash in Southern Egypt
Azerbaijan's Defense Minister meets Chairman of Georgian Parliament - PHOTO
Number of Azerbaijani citizens traveling to Georgia increased by 12% in 2019
S&P: Suspension of Libya’s oil export may increase Azerbaijani oil price
Traffic accidents claim 821 lives and injure 1702 people over the last year in Azerbaijan
Bilateral Cooperation Plan signed between Azerbaijan and Georgia
U.S. Treasury Secretary: "Phase 2 trade deal may not remove all tariffs"
China's national health commission to hold briefing on coronavirus Wednesday
Kremlin rejects UK account of Putin-Johnson meeting, says talks were constructive and conciliatory
US-France negotiations on digital tax difficult, goal remains minimum taxation, French Minister says
Azerbaijan’s Defense Minister visits monument to national leader Heydar Aliyev in Tbilisi
List of parliamentary candidates over constituencies disclosed
Afghan fighting kills 6 including 2 security personnel in northern province
France to shut down 14 nuclear reactors by 2035
Moody’s: Azerbaijan's currency reserves sufficient to cover country's 30-month import
Azerbaijan and Liechtenstein national football team to meet
Carlsberg Group intends to increase investment in Azerbaijan
China, U.S. sign initial trade pact but doubts and tariffs linger
New video shows Iranian missiles downing Ukraine passenger jet - VIDEO
US media reveals aftermath of Iran missile attack on US military base in Iraq - VIDEO
The opening of new food warehouses of the Main Department for Logistic Support held - VIDEO
14 years pass since establishment of the Ministry of Emergency Situations: They always come to your aid in any difficult moments - PHOTOSESSION - VIDEO
First Vice-President Mehriban Aliyeva attended opening ceremony of rebuilt Azerbaijan pavilion at Exhibition of Achievements of National Economy in Moscow - UPDATED
Open Doors Day and the military oath-taking ceremony were held on the occasion of the State Flag Day
An exhibition that also presents President Ilham Aliyev's photo opened in Moscow
Azerbaijani President and first lady inaugurated Koroglu Transport Exchange Center of Baku Transport Agency - UPDATED
WHO and Azerbaijani Ministry of Health warn people on new virus
Death toll from swine flu reaches 114 in Iran
Police detain 185 climate protesters at Brussels car show