China FX Markets yuan

Steve Mnuchin Declines To Name China A Currency Manipulator, Will Leave That To Trump’s Twitter Account

"Treasury continues to urge China to enhance the transparency of China’s exchange rate."

"Treasury continues to urge China to enhance the transparency of China’s exchange rate."
This content has been archived. Log in or Subscribe for full access to thousands of archived articles.

6 comments on “Steve Mnuchin Declines To Name China A Currency Manipulator, Will Leave That To Trump’s Twitter Account

  1. One point that you and most commentators other than Steve Leisman at CNBC keep missing these days is that there is NO trade deficit with China. WHY? Because affiliates and subsidiaries of US companies (e. McDonalds, GM, Starbucks etc,) earn @$380 billion per year in China, NOT A PENNY OF WHICH, is counted towards any balance of trade figures. WHY? If it were the truth would come out that the US has a trade surplus with China and China has a trade deficit with the USA. We make way more off of them than they do off of us.. So silly its not reported.

  2. It is particularly gratifying to know that the Administration believes that the Chinese government should “enhance social safety nets to support greater household consumption growth.” That isn’t socialism, is it?

  3. I was also looking forward to your comments on adding Italy, Germany and Ireland to the currency manipulator watch list. Are we worried about the lira, mark and pound? Good thing the other 20 countries using the euro aren’t manipulating currency.

    • In the list of countries under observation, the US Treasury inserts those who meet at least two of three requisites required. 1) have a current account surplus of 2% 2) have a trade surplus with the United States of over 20 billion dollars 3) actively intervene on the foreign currency market.
      Italy recorded a current account surplus of 2.5% of GDP in 2018, while its trade surplus with the United States rose to 32 billion dollars. Hence our placement in the axis of evil list.

  4. Nobody wants to believe that huge part of the deficit come from big US firms. Everyone believes that it is the Chinese. Just like everyone believes that the Chinese always steal from US, the Chinese have zero innovation. LOL

  5. It’s remarkable how the Fed and Treasury are totally adopting “Trump-friendly” speechs. That’s the United States independence of institutions.

    I would ask…in a world of fiat currencies, US assets backed reserves, and global demand and supply chains, what’s central banks utility if not managing your own rate and currency??

    Can’t wait the day when CBs decide to go to crypto and/or gold backed currencies…

Speak On It

Skip to toolbar