August 05, 2019 at 01:52PM
Trump Says Weaker Chinese Yuan Is ‘Called Currency Manipulation’
Author: Bloomberg | Post link: https://www.investing.com/news/forex-news/trump-says-weaker-chinese-yuan-is-called-currency-manipulation-1945521
President Donald Trump said the latest decline in the yuan is “called ‘currency manipulation”’ and indicated he’d like the Federal Reserve to act to counter the Chinese action.
“China dropped the price of their currency to an almost a historic low,” Trump tweeted Monday. “It’s called ‘currency manipulation.’ Are you listening Federal Reserve? This is a major violation which will greatly weaken China over time!”
Trump’s comments come after China responded to the president’s threat to raise tariffs on $300 billion of imports from the Asian nation, letting the yuan tumble to the weakest level in more than a decade and asking state-owned companies to suspend imports of U.S. agricultural products.
The president’s tweet suggests he’s continuing to goad the U.S. central bank to ease monetary policy to counter the action rather than instruct the Treasury Department to directly intervene to weaken the greenback. The Fed lowered rates by a quarter percentage point last week in response to a darkening global outlook and uncertainty caused by Trump’s trade war, and signaled the door was open to further moves if needed.
Trump said last month he hadn’t ruled out taking action to weaken the U.S. currency, though White House economic adviser Larry Kudlow said Friday that the administration would not undertake currency intervention.
U.S. Treasury Secretary Steven Mnuchin has refrained from labeling China a currency manipulator in Treasury’s semi-annual foreign exchange policy report to Congress, reneging on Trump’s campaign promises to do so on “day one” of his presidency.
Selected by fonecable.com
- US Dollar, JPY May Rise if Q3 Earnings Show Wounds from Trade War
- GBP/USD Rate Sinks as Brexit Limbo Opens the Door to Yen Strength
- US Dollar Price Volatility Report: GBP/USD in Brexit ‘Limbo’
- Pound Suffers Setback After 8% Rally as Brexit Deal Put on Hold
- Dow Jones Forecast: Boeing's Earnings Could Spell Disaster for the Average
Top Posts & Pages
- GBP/USD Drops as Government Threatens Election, Canadian Dollar Unfazed by Election - US Market Open
- GBP/USD Chart
- Preview: What happens on Brexit vote and possible GBP reaction
- Natural Gas Wave Analysis – 22 October, 2019
- NZDCHF Wave Analysis – 22 October, 2019
- Bit comment: Bitcoin cannot break away from support
- S&P 500, DAX, FTSE 100 Outlook: Key Levels to Watch
- Canadian dollar pulls back from three-month high as investors fret about oil pipeline prospects
- US Dollar Price Outlook: EUR/USD, GBP/USD, USD/CAD, AUD/USD
- FxPro Daily Insight for October 22