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US refuses to charge China with currency manipulation

UNITED STATES (OBSERVATORY NEWS)

US authorities will no longer consider China a “currency manipulator” before signing a preliminary trade agreement.

This was reported with reference to unnamed sources on Monday, January 13, a number of media outlets. The US Treasury announced the PRC a “currency manipulator” in early August 2019, claiming that the Chinese authorities purposely intentionally weaken the yuan through “prolonged currency interventions.”

Many experts called this decision symbolic, since it did not entail any new negative consequences other than the exacerbation of rhetoric in the framework of the trade war between Washington and Beijing.

In this regard, the Trump administration’s decision to withdraw earlier charges against the PRC largely repeats the US tactics of applying sanctions against various countries, with the subsequent setting of conditions for lifting them.

In this case, a similar condition is the conclusion of a preliminary trade transaction between the two countries. The signing of the document as part of the “first phase” of the trade agreement is scheduled for Wednesday, January 15.

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