Following the plunge in the yuan overnight, The U.S. Treasury Department on Monday designated China as currency manipulator, a historic move that no White House had exercised since the Clinton administration.
“Secretary Mnuchin, under the auspices of President Trump, has today determined that China is a Currency Manipulator,” the Treasury Department said in a release.
“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.” ”
“This pattern of actions is also a violation of China’s G20 commitments to refrain from competitive devaluation.”
Washington hasn’t labeled a major trade partner a currency manipulator since 1994.
The Offshore Yuan tumbled to a new record low on the headline…