Steven Mnuchin, Donald Trump’s nominee as Secretary of the US Treasury, expressed disagreement with Trump’s promised China trade policy immediately after his nomination announcement.
Trumps confirms TPP withdrawal – but silent on renegotiating NAFTA or branding China a “currency manipulator”
…says Yale lecturer Stephen Roach, after a week in which the IMF rejected claims that China is manipulating its currency – but half the US Senate continued to vote for ways of punishing China.
“Substantial real effective appreciation over the past year has brought the [Chinese Yuan] exchange rate to a level that is no longer undervalued,” said the International Monetary Fund on May 26.
In its twice-yearly report on foreign exchange rate policies released at the end of November, the US Treasury Department again declined to name China or any other major trading partner as a currency manipulator.
The report emphasizes the need for greater exchange rate flexibility in China, stating that despite some encouraging developments the process of adjustment remains incomplete. On the positive side, estimates of the degree to which the Yuan is undervalued have narrowed, and in July the International Monetary Fund put the figure at 5-10%.