GNCC Capital Inc (GNCP)

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Treasury Department declares China a currency manipulator

https://www.marketwatch.com/story/treasury-department-declares-china-a-currency-manipulator-2019-08-05

By Mike Murphy
Published: Aug 5, 2019 6:11 p.m. ET

The U.S. Treasury Department designated China as a currency manipulator on Monday afternoon, after the yuan's value CNYUSD, +0.0001% against the dollar fell below a "line in the sand" and intensified trade tensions.

In a statement, the Treasury Department said Secretary Steve Mnuchin, "under the auspices of President Trump," has determined that China is a currency manipulator.

"As a result of this determination, Secretary Mnuchin will engage with the International Monetary Fund to eliminate the unfair competitive advantage created by China's latest actions," the Treasury department said, explaining:

"In recent days, China has taken concrete steps to devalue its currency, while maintaining substantial foreign exchange reserves despite active use of such tools in the past.

The context of these actions and the implausibility of China's market stability rationale confirm that the purpose of China's currency devaluation is to gain unfair competitive advantage in international trade.

"China's currency weakened early Monday, trading at more than 7 yuan per U.S. dollar for the first time in more than a decade.

The perceived willingness by China to use the yuan as a trade weapon led to a huge selloff on Wall Street, with the Dow Jones Industrial Average DJIA, -2.90% and S&P 500 SPX, -2.98% falling almost 3%, while the tech-heavy Nasdaq Composite COMP, -3.47% slid 3.5%.