US removes China from currency manipulator list ahead of trade deal signing

CNBC

The United States removed China from a list of countries considered currency manipulators just two days before top trade negotiators for Washington and Beijing sign a key “phase one” trade deal, the Treasury Department announced Monday. The decision to strike China from the currency manipulator list comes more than five months after the Treasury Department formally made the designation. President Donald Trump and China Vice Premier Liu He are scheduled to sign a preliminary trade agreement in Washington on Wednesday. China is now on a “monitoring list” for currency practices along with nine other countries, including Germany, Italy and Japan. “The Treasury Department has helped secure a significant Phase One agreement with China that will lead to greater economic growth and opportunity for American workers and businesses,” Treasury Secretary Steven Mnuchin said in a statement. “China has made enforceable commitments to refrain from competitive devaluation, while promoting transparency and accountability.”

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