'Russia And China' Are Playing The US, Devaluing Currency

Treasury Secretary Steven Mnuchin during an appearance in Missouri last month

US President Donald Trump has accused Russian Federation and China of devaluing their currencies while the United States raises interest rates. "Not acceptable!" Trump tweeted.

The Twitter message sent by US President Donald Trump warning Russian Federation and China not to devalue their currency was simply a warning shot to the two countries, US Treasury Secretary Steven Mnuchin said on Tuesday.

White House Press Secretary Sarah Sanders said the administration is closely watching China's currency practices.

The US President's statement is a reference to what he regards as an unfair commercial advantage - if the currency of a country is artificially lowered, its exports are more competitive.

While the Treasury expressed concerns about the large trade deficit with China, the report only placed the country on its monitoring list.

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Trump said on Twitter on Monday: "Russia and China are playing the Currency Devaluation game as the USA keeps raising interest rates".

Meanwhile, the U.S. dollar has been falling against the Chinese yuan for 16 months and is trading near the lowest since mid-2015.

Speaking in Beijing on Tuesday, Foreign Ministry spokeswoman Hua Chunying noted that what Trump said seemed to contradict the U.S. Treasury's report last week that refrained from naming any major trading partners as currency manipulators. "It's a warning shot to make sure China doesn't devalue the currency as they have in the past". Higher US interest rates would generally increase the value of the US dollar, making US exports more expensive.

The Chinese currency, the Renminbi, has appreciated about three percent against the dollar since the beginning of this year, after strengthening by six percent in 2017.

I don't know why he's tying U.S. interest rates into that but ok.

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