Friday 28 July 2017

US declines to brand China as 'currency manipulator' - despite Trump's election pledge to do so

US President Donald Trump. Photo: AP
US President Donald Trump. Photo: AP

The United States has declined to label China a currency manipulator despite President Donald Trump's insistent pledge during the election campaign that he would do so as soon as he took office.

Instead, the first currency review of the Trump administration singled out China and five other countries as needing to be monitored for their currency practices.

The countries - China, Japan, Germany, South Korea, Taiwan and Switzerland - were the same six named in the last currency report issued by the Obama administration in October.

In an interview on Wednesday, Mr Trump had indicated that he was backing away from his campaign pledge because he felt China had not been manipulating its currency in recent months and because labelling it as such now could jeopardise Beijing's co-operation in confronting North Korea.

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