Treasury Declines to Label China a Currency Manipulator

25 2010 a bank clerk counts Chinese 100 Yuan notes in Shanghai. China's politically sensitive yuan has sunk to a 22-month low against the dollar after the U.S. Treasury declined to label Beijing a currency manipulator

25 2010 a bank clerk counts Chinese 100 Yuan notes in Shanghai. China's politically sensitive yuan has sunk to a 22-month low against the dollar after the U.S. Treasury declined to label Beijing a currency manipulator

Treasury is required by law to report to Congress on foreign currency practices twice per year.

The US government has refrained from naming China or any other trading partner as a currency manipulator, as it leans on import tariffs to try to cut a trade deficit with China.

President Trump argues the growth in Chinese exports to the USA has destroyed American jobs and has ordered tariffs on more than $200bn of Chinese exports to try to stem the US's growing deficit with China.

"These pose major challenges to achieving fairer and more balanced trade and we will continue to monitor and review China's currency practices, including through ongoing discussions with the People's Bank of China".

US officials have raised concerns over the recent depreciation of China's currency, . amid the escalating trade tensions between the two economic superpowers.

President Trump has previously accused China of keeping its currency weak to make its exports more competitive.

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China's policies were still of "particular concern" the Treasury said.

However, the Treasury did not find that China was directly intervening to undermine the currency's value.

US Dollar and China Yuan notes are seen in this picture illustration June 2, 2017.

Washington and Beijing are locked in battle over the yawning US-China trade deficit, which Trump describes as a job killer.

Labelling China a manipulator would be a fresh sign of confrontation from Washington but any actual repercussions would be gradual.

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