The US Treasury department has dropped the designation of China as a currency manipulator in a gesture that aims to ease tensions with Beijing ahead of this week’s signing of a deal to halt their trade war.
“China has made enforceable commitments to refrain from competitive devaluation, while promoting transparency and accountability,” said Steven Mnuchin, Treasury secretary, citing the broader agreement the administration has secured with China on trade.
The move reverses last summer’s controversial decision to tag China with the label of currency manipulator, when relations between Washington and Beijing deteriorated sharply.
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