Trump hits China for currency devaluation, countering Treasury report
Source: The Hill
BY SYLVAN LANE - 04/16/18 09:26 AM EDT
President Trump on Monday criticized China for devaluing its currency days after the Treasury Department said Beijing was not manipulating the value of its money.
Trump said on Twitter that both China and Russia “are playing the Currency Devaluation game as the U.S. keeps raising interest rates. "Not acceptable!," the president tweeted.
Trump’s comments came three days after the Treasury Department declined to label China a currency manipulator despite the president’s repeated campaign promises to do so.
Treasury’s twice-yearly report on foreign currency exchange, released Friday, rebuked China for not doing enough to balance its trade surplus with the U.S. But Treasury did not find that China was devaluing its currency, called the renminbi.
Read more: http://thehill.com/policy/finance/383326-trump-hits-china-for-currency-devaluation-countering-treasury-report
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