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Treasury Says China Isn’t a Currency Meddler, After Trump Reversal

(Allan Rappeport – New York Times)

The Treasury Department officially declined on Friday to label China a currency manipulator, breaking one of President Trump’s most prominent campaign promises.

In its exchange rate report to Congress, the Treasury said that in spite of China’s large trade surplus with the United States, it was not acting improperly to depress the value of its currency.

Mr. Trump signaled this week in an interview that he was reversing his position, and he has taken a less confrontational stance toward China since meeting with President Xi Jinping this month.

The report did take a more pointed tone toward China than in previous years, calling on Beijing to act to reduce trade imbalances and open its markets to American goods and services. Click here to read more.

Related: Report to Congress on International Economic and Exchange Rate Policies (Treasury Department)