FLASH: The US has not put China on the currency blacklist since Y 1994
Monday, the US Treasury Department labeled China a currency manipulator after Beijing pushed down the value of its RMB Yuan in a escalation of the trade conflict between the world’s 2 biggest economies.
The decision came a few hours after President Trump accused China of unfairly devaluing its currency, marks a reversal for Treasury: In May, it had declined to sanction China for manipulating its currency.
The US has not put China on the currency blacklist since Y 1994
The designation could pave the way for more US sanctions against China.
Earlier Monday, China had allowed its currency to weaken to an 11-yr low at USD/CNH: +1.8% to 7.0993, a move that gives its exporters a price edge in world markets and eases some of the damage from US tariffs on Chinese products.