Trump Administration Unlikely To Designate China a Currency Manipulator

The forthcoming report from the U.S. Treasury Department is not expected to name China as a currency manipulator, but instead keep it listed as a country of concern in a forthcoming Treasury Department report, an administration official said this week.Treasury’s semiannual report on foreign exchange rate practices will be released Monday.No U.S. administration has labeled a country a currency manipulator since the early 1990s. China was given the designation from 1992 to 1994.Treasury Secretary Steven Mnuchin, in an interview published by the Financial Times, declined to comment on the upcoming report and also steered clear of personally calling China a currency manipulator. “The renminbi has depreciated significantly during the year. There are various factors for that, which we look forward to discussing with them,” Mnuchin said. “One of those factors has to do with their own economic issues and what has gone on in the Chinese economy."The Treasury chief said currency issues will be part of any broader trade talks with China, which has been accused of lowering the value of the renminbi to increase the competitiveness of its exports.“As we look at trade issues, there is no question that we want to make sure China is not doing competitive devaluations,” he said.