Trump’s China Flip-Flop Is Complete: Treasury Declines To Apply Currency Manipulator Label

As tipped by... well, by Donald Trump himself, the Treasury department refrained from labeling China a currency manipulator on Friday in its semiannual report on the foreign-exchange policies of major U.S. trade partners. That doesn't mean there wasn't plenty of tough talk, but the Treasury was essentially forced to admit that the PBoC's massive interventions in the spot market since August 2015 have been an effort to prop up (not drive down) the yuan. “China’s recent intervention in f