U.S. Treasury Labels China a Currency Manipulator

“The U.S. Treasury Department officially labeled China a currency manipulator after the country’s central bank allowed the yuan to fall below 7 per dollar in retaliation for new tariffs on its imports,” Bloomberg reports.

Axios: “Under a 2015 law, in order to be a currency manipulator, a country needs to spend 2% of GDP on currency manipulation over a 12-month period. China is not doing this. If anything, China was keeping the yuan artificially strong until Trump ratcheted up the trade war on Thursday.”