17 February 2019

US Treasury seeks faster RMB appreciation, report says

The US Treasury Department said China’s renminbi is “significantly undervalued” and hasn’t strengthened as fast as needed, but declined to label the country as a currency manipulator, Bloomberg News reported Thursday. The yuan “is appreciating, but not as fast or by as much as needed,” the department was quoted as saying in its semi-annual currency report to Congress. “The evidence that China has resumed large-scale purchases of foreign exchange this year, despite having accumulated reserves that are more than sufficient by any measure, is suggestive of actions that are impeding market determination and a currency that is significantly undervalued,” the Treasury said.

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