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Pot calls kettle black as U.S. labels China a currency manipulator
The irony here is immense. The U.S. has just denounced China for withdrawing central bank support for its currency and thus letting its currency be valued by the market, while the U.S. government itself secretly trades in the currency and commodity markets and won't come clean about it even when a member of Congress asks:
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U.S. Designates China a Currency Manipulator
By William Mauldin and Nick Timiraos
The Wall Street Journal
Monday, August 5, 2019
WASHINGTON -- The U.S. Treasury labeled China a currency manipulator after the Chinese central bank let the yuan depreciate, capping a day of trade-war escalations that sparked a global fall in financial markets and fears the clash could stall America’s economic expansion.
The uncertainty could pressure the Federal Reserve to consider more interest-rate cuts, following its decision last week to lower rates for the first time in more than a decade.
... Dispatch continues below ...
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China's yuan fell as much as 1.9% to a record offshore low of 7.1087 to the dollar in Hong Kong, according to data from Refinitiv, putting the currency on course for its biggest single-day loss against the dollar since August 2015, when Beijing allowed a sudden depreciation.
In mainland China, the yuan also weakened beyond the 7-yuan-to-the-dollar level -- which policy makers in recent years have defended -- for the first time since 2008. ...
... For the remainder of the report:
https://www.wsj.com/articles/chinas-currency-weakening-escalates-trade-w...
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