US Keeping In Track Of Falling Yuan Due To Trade War
The US is keeping in track of China ‘s recent depreciation of the yuan, a US Treasury official said on Monday (Oct 8).
He also said that it is unclear whether Treasury Secretary Steven Mnuchin will meet Chinese officials at the International Monetary Fund / World Bank Annual Meeting in Bali, Indonesia.
“We are closely monitoring the Chinese yuan and are worried about the recent depreciation of the yuan,” the official said on the day’s conference. “More broadly, China is moving away from market-friendly policies, I am concerned about continuing to rely on non-market mechanisms to influence the trade environment.”
“We will see this concern in the Treasury’s semi-annual exchange rate report next week,” he added.
However, he commented on the details of the exchange rate report.
Finance Minister Mnuchin said in an interview with Reuters on July that he is closely monitoring the manipulation signals related to China’s depreciation of the yuan.
US President Donald Trump has also frequently accused China of manipulating the yuan exchange rate to benefit from trade.
On the other hand, the Chinese Foreign Ministry said on April 9 and accused the US Treasury official for saying that China’s rationing of the yuan is irrelevant and irresponsible.