Fri. Jun 5th, 2020

MADE IN USA NEWS

ALL THE NEWS YOU NEED FOR EVERYTHING MADE OR PRODUCED IN THE U.S.A.

China Not Labeled Currency Manipulator

1 min read

By IAN TALLEY

WASHINGTON—The U.S. Treasury Friday declined to name China or any other country as a manipulator of its currency in the Treasury’s much-awaited report on foreign-exchange policies.
The Treasury recognized there had been a move toward greater flexibility of the Chinese yuan. “Treasury’s view however, is that progress thus far is insufficient and that more rapid progress is needed.”
Lawmakers, hearing from U.S. manufacturers complaining their products are being outsold by Chinese goods made at a cheaper cost, wanted Treasury to name Beijing a manipulator and are threatening to pass punitive legislation. The Obama administration held up publishing the report until after the state visit by President Hu Jintao in January.
The report warns that Beijing risks fueling already high inflation and creating asset bubbles in its economy.
—Tom Barkley and Luca Di Leo contributed to this report
Write to Ian Talley at ian.talley@dowjones.com

Leave a Reply

Your email address will not be published. Required fields are marked *