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US Treasury Secretary Stephen Mansushin says he is closely watching the weakness of the Chinese yuan.
Mansushin said in an interview with Reuters in São Paulo, Brazil on Tuesday, Feb. 20, that the weakening of the yuan will be closely monitored in a semi-annual exchange rate manipulation report released in October. The report will be published before October 15th. "It's hard to say if China is using currency as a weapon, but it's obvious that weakening the yuan will give them an unfair advantage." He said, "I will carefully consider whether the exchange rate of the yuan has been manipulated."
The same day, President Donald Trump told Twitter that "China and the European Union (EU) and others have manipulated their currencies and lowered the base rate." But the United States has raised its rates
The value of the yuan has remained at its lowest level in recent years, with the observation that the Chinese can reduce the value of the yuan against the tariff war in the United States .
In the Shanghai foreign exchange market on the 20th, the exchange rate of the yuan against the dollar fell to 6.8128 yuan, falling below 6.8 yuan. This is the lowest level in a year and a month since the end of June 2017.
The devaluation of the yuan will increase the export price competitiveness of Chinese products, thus offsetting some US tariffs.
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