Washington plans to remove China from the list of “manipulators” of the currency

UNITED STATES (OBSERVATORY NEWS)

The United States intends to remove China from the list of countries that “manipulate” the currency, just two days before the signing of the first phase of the trade agreement between the two countries, according to a local media.

This came, according to CNBC, on Monday, quoting what it described as “an informed source”, without giving his name.

About 5 months ago, the US Treasury Department accused China of currency manipulation, which was rejected by Beijing.

(CNBC) said that the White House has not yet commented on news of China’s lifting of the list of “manipulators” of the currency.

And last Thursday, the Chinese Ministry of Commerce announced that Deputy Prime Minister Liu He, who heads the Chinese negotiating team with the American side, will sign the first phase of the agreement during the period between 13-15 of this month.

A day later, White House economic adviser Larry Kudlow told Fox Business that the first stage of the trade agreement was on the way to signing January 15.

China and the United States, the world’s two largest economies, got involved in a trade war two years ago, during which they exchanged tariffs on billions of dollars worth of goods and goods.

And at the end of August 2019, US President Donald Trump accused China of lowering its currency to low levels, considering that the yuan’s current decline could be called “currency manipulation.”

At the time, Yi Gang, the governor of the People’s Bank of China (the central bank), denied that the bank had cut its currency due to trade disputes.

Trump, the yuan’s decline in front of the foreign exchange basket, is usually seen as a tool by China, to increase the competitiveness of its products relative to importers versus foreign goods.

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