Get Ready For A Complete Rewrite Of The ‘Currency Manipulation’ Rules

Last week, Steve Mnuchin elected not to slap China with the derisive "currency manipulator" label in Treasury's semiannual report, a decision that, for now anyway, averts a further escalation in the trade war between Washington and Beijing. To be sure, the report had some strong words for China with regard to the yuan, but as detailed here extensively over the past several months, a good bit of RMB weakness from June to early August was attributable not to active efforts on the part of the PBoC