Treasury skips labeling China a currency manipulator
Washington (CNN)The Trump administration on Wednesday decided not to label China a currency manipulator despite the recent drop in the value of the yuan, once again deferring on a core 2016 campaign promise by President Donald Trump.
In the past six months, the yuan has dropped more than 9% against the US dollar. And there are growing signs that the country’s currency may fall further to 7 yuan to the greenback — a threshold not crossed since before the 2008 financial crisis.
The yuan weakened following the US announcement. In morning trading Thursday in Asia, it hit its lowest level against the dollar since January 2017.
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