U.S. Removes China's «Currency Manipulator» Label
U.S. authorities continue to ease tensions with its latest move to remove the «currency manipulator» label applied to China last year.
U.S. Treasury announced the removal in its semi-annual report to Congress, noting that Beijing no longer needed the label as the yuan had strengthened.
According to the Treasury, China has made «enforceable commitments to refrain from competitive devaluation and not target its exchange rate for competitive purposes» In the upcoming «phase one» trade deal expected to be signed by U.S. President Donald Trump this week.
Yuan strengthened to a five-month high with the offshore market rising through 6.9 dollars this week for the first time since July. Separately, a «Bloomberg» survey said that the Chinese currency is projected to broadly remain flat by 2020-end, reaching 7.1 yuan per dollar.
