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Mnuchin: Trump's Tweets on Russia, China Currencies were 'Warning Shot'

Mnuchin: Trump's Tweets on Russia, China Currencies were 'Warning Shot'

Like the prior Trump Administration foreign exchange policy reports (April 2017 and October 2017), the latest report also concluded that China's bilateral trade surplus, material current account surprise, and intervention in the foreign exchange market, together, do not require "enhanced analysis" and "enhanced bilateral engagement" under the Trade Facilitation and Trade Enforcement Act of 2015 (the "2015 Act"). He did not go on to provide evidence of his accusation. Instead, the report found that China's currency had recently moved in a direction that should benefit US exporters. It may be true that the Chinese authorities have been intervening to slow the currency's appreciation, but it's obviously false to say that they are devaluing their currency.

The Treasury Department did not list either China or Russian Federation as a currency manipulator in its semi-annual currency report released on Friday.

Mnuchin on Tuesday wasn't asked about and did not address whether Trump's tweet was meant to criticize the Federal Reserve.

The Twitter message sent by US President Donald Trump warning Russian Federation and China not to devalue their currency was simply a warning shot to the two countries, US Treasury Secretary Steven Mnuchin said on Tuesday.

I don't know why he's tying U.S. interest rates into that but ok.

Trump's criticism of Chinese trade and economic policy-and the US politicians who he said enabled it- was a centerpiece of his campaign.

The United States has not formally labeled China a "currency manipulator", a move that triggers a process of consultation between both countries and could heighten tensions. Treasury officials did not find China guilty of devaluing its currency, in a Friday report.

It's not the first time Trump has accused countries of keeping their currencies artificially low to gain unfair advantage in trading with the United States.

Hua added that China will continue with its reforms to come up with mechanisms to counter the flip-flops in foreign currency exchange rates.

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