The U. S. Treasury Department sharply criticizes China’s exchange-rate policy, though it stops short of labeling the Asian trade giant a currency manipulator.
The U. S. Treasury Department sharply criticized China’s exchange-rate policy on Friday, though it stopped short of labeling the Asian trade giant a currency manipulator.
“China has a long track record of engaging in persistent, large-scale, one-way foreign exchange intervention, ” the Treasury Department said in its semiannual report on the foreign-exchange policies of major U. S. trade partners. Although Beijing has allowed the yuan to slowly appreciate in recent years and actively fought depreciation recently, its past interventions “imposed significant and long-lasting hardship on American workers and companies.”
“Treasury will be scrutinizing China’s trade and currency practices very closely, especially in light of the extremely sizable bilateral trade surplus that China has with the United States, ” it added.
