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U.S. monitoring Chinese yuan weakness for manipulation over recent weakness

U.S. Treasury Secretary Steven Mnuchin issued a warning to China over the recent weakness of its yuan currency on Friday, telling Reuters that the Treasury is closely monitoring the yuan for signs of manipulation.


Reuters China
Updated: 21-07-2018 02:14 IST
U.S. monitoring Chinese yuan weakness for manipulation over recent weakness

The yuan's weakness would be reviewed as part of the Treasury's semi-annual report on currency manipulation. (Image Credit: Wikimedia)

U.S. Treasury Secretary Steven Mnuchin issued a warning to China over the recent weakness of its yuan currency on Friday, telling Reuters that the Treasury is closely monitoring the yuan for signs of manipulation.

Mnuchin said in an interview in Sao Paulo, Brazil, that the yuan's weakness would be reviewed as part of the Treasury's semi-annual report on currency manipulation, next due on Oct. 15 based on activity for the first six months of 2018.

"There's no question that the weakening of the currency creates an unfair advantage for them," Mnuchin said of China. "We're going to very carefully review whether they have manipulated the currency."

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

COUNTRY : ChinaUnited States

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