Yuan depreciation could lead to yet more tariffs. Investors are not enjoying themselves
ON AUGUST 5th the Trump administration deployed another weapon in its fight with China: name-calling. After some grousing on President Donald Trump’s twitter feed, the Treasury officially designated China a currency manipulator. The Chinese government stands accused of devaluing its currency in order to gain an unfair advantage in international trade. It is the first time the Treasury has made such an accusation in over 25 years.
The IMF, which monitors countries’ external imbalances, recently concluded that China’s external position was broadly in line with fundamentals. Even by the Treasury’s own formal criteria, China does not seem to be a currency manipulator. To qualify under the Treasury’s “enhanced monitoring” system, a country has to have a significant bilateral trade surplus with America and a material current-account surplus, and to have made a “persistent, one-sided intervention in foreign-exchange markets”.
its political overtones, Mr Sobel defends the Treasury FX Report as a document with “analytic integrity”. Now, he says, “that has been thrown to the wind”. It seems that
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