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US Treasury Secretary Mnuchin declared China as a currency manipulatorvia an official Treasury statement. The move follows China weakening the Yuan over 7.00 to the USD as the Trade War ramped up further.

mnuchin pointing

Mnuchin Added

  • The US will engage with the IMF to eliminate unfair competitive advantage by China's actions
  • China's actions are a violation of China's G20 commitments to refrain from competitive devaluation
  • The U.S. continues to urge China to enhance the transparency of its exhange rate and reserve management operations and goals

The move came after stock markets were ravaged after the Chinese moves with the Dow closing down over 700 points on the day.

From The Traders Community News Desk

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