US Treasury designates China a currency manipulator
Renminbi crossed the barrier of seven per US dollar amid growing trade tensions on August 5
The US Department of the Treasury designated China a currency manipulator on August 5, amid growing trade tensions between the world’s two largest economies.
On August 5, the Chinese renminbi depreciated to reach RMB7 per US dollar for the first time since May 2008. This followed failed trade negotiations over the weekend between US and Chinese officials to reconfigure trade relations between both countries. One observer said the move was likely to prove largely a matter of show, but the
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