ArrowArtboardCreated with Sketch.Title ChevronCrossEye IconIcon FacebookIcon LinkedinShapeCreated with Sketch.Icon Mail ContactPath LayerIcon MailMenu BurgerPositive ArrowIcon PrintIcon SearchSite TitleTitle ChevronIcon Twitter
Trade War

China not a currency manipulator, US Treasury staff reportedly find

Label would trigger special talks and potential penalties

U.S. President Donald Trump pledged to label China a currency manipulator during his run for the White House.   © AP

U.S. Treasury staff has not labeled China as a currency manipulator in its recommendation for the department's semiannual report on foreign exchange rate practices, according to media reports on Thursday.

In an internal report submitted to Treasury Secretary Steven Mnuchin, the department did not say that Beijing is manipulating the yuan, but it continued to place China on a monitoring list, Politico reported, citing an administration official familiar with the report.

Separately, Bloomberg reported, citing two people familiar with the matter, that the U.S. Treasury's staff had advised Mnuchin that China is not manipulating the yuan as the Trump administration prepares to issue the closely watched report on Monday.

It is possible that Mnuchin could still revise the final report, according to the reports.

A U.S. Treasury spokesman did not immediately respond to requests for comment about the reports.

During his campaign for the White House, U.S. President Donald Trump promised to label China as a currency manipulator, which would trigger special negotiations and could lead to punitive duties and other actions.

However, the U.S. Treasury has declined to name China a manipulator in the three semiannual currency reports it has sent to Congress since Trump took office early last year.


You have {{numberReadArticles}} FREE ARTICLE{{numberReadArticles-plural}} left this month

Subscribe to get unlimited access to all articles.

Get unlimited access
NAR site on phone, device, tablet

{{sentenceStarter}} {{numberReadArticles}} free article{{numberReadArticles-plural}} this month

Stay ahead with our exclusives on Asia; the most dynamic market in the world.

Benefit from in-depth journalism from trusted experts within Asia itself.

Try 3 months for $9

Offer ends September 30th

Your trial period has expired

You need a subscription to...

See all offers and subscribe

Your full access to the Nikkei Asian Review has expired

You need a subscription to:

See all offers
NAR on print phone, device, and tablet media