US President Donald Trump has once again thrown strong accusations into the world. He claims that both China and the European Union (EU) manipulate their own currencies. That reports Business Insider.
"I definitely think the Chinese are manipulating their currency. And I also think the euro is being manipulated," Trump said on Monday, Aug. an interview with Reuters news agency. "They provide extenuating circumstances. I don't. But I win anyway," Trump continued.
Not the first suspicion
President Trump has often suspected that China is keeping the yuan artificially cheap in order to support the export of Chinese products to the United States (US). Trump believes China is doing this to harm the US economy.
De US president tweeted last April: "Russia and China are playing the devaluation game, while the US is raising interest rates. It's unacceptable." Before his presidency, Trump said in a business newspaper: The Wall Street Journal: “China will be labeled a currency manipulator by the US Treasury Department on Day 1 of my presidency.”
No intervention in the market
Trump has been president for almost 2 years now, but the US Treasury Department has still not officially designated China as a currency manipulator. In the most recent report on this subject, the American ministry indicates that Beijing does not intervene directly in the foreign exchange market.
In practice, China does not let the yuan float freely, but the Chinese currency moves in a certain range against the dollar.
Read more on Business Insider:
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