Powered by

US Treasury Department labels China a currency manipulator

Aug 05, 2019 - Associated Press

WASHINGTON (AP) - The U.S. Treasury Department labeled China a currency manipulator Monday after Beijing pushed down the value of its yuan in a dramatic escalation of the trade conflict between the world's two biggest economies.

The decision, which came hours after President Donald 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 U.S. had not put China on the currency bl...