U.S. drops China’s currency manipulator label

The United States has removed China from a list of countries considered currency manipulators, just two days before negotiators from Beijing and Washington are set to sign the first phase of the trade deal between the two countries, the U.S. Treasury Department said Monday.

In its semiannual report to Congress, the Department said the Chinese currency had strengthened in recent months, a development that helped address U.S. concerns that the Yuan is weak, making China no longer considered a currency manipulator country.

On August 5, the United States included China on the list of countries that devalue their currencies against the dollar to boost their exports.

China will remain on the watch list, which includes 9 other countries: Switzerland, Germany, South Korea, Ireland, Italy, Japan, Malaysia, Singapore and Vietnam, according to the Department.

Source: Jordan News Agency