Thursday, 19 Apr 2018
Business

Trump accuses China and Russia of devaluing their currencies unfairly

Bloomberg – 8:50 – 04/16/2018

In real life, the yuan has appreciated 10% year-on-year
Photo: Reuters .

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President Donald Trump accused China and Russia of devaluing their currencies, opening a new front in his argument that foreign governments are taking advantage of the US economy to support their own expansions. Just three days after the US Treasury ruled that no country manipulates its exchange rate, Trump said on Twitter that China and Russia are playing what he called a “devaluation game of the currency” at a time when the Reserve Federal is raising interest rates. “It’s not acceptable!” Trump wrote.
The attack adds fuel to the trade dispute between the United States and China, while also targeting Russia, a country over which the White House recently imposed sanctions and faced in Syria.
Trump has repeatedly criticized Beijing for not reducing its trade surplus and opening its markets to US investment. The Chinese yuan, however, has appreciated around 10% against the dollar in the last 12 months, rising in March to the strongest level since August 2015.
The ruble has weakened 10% against the dollar in the last year, and most of the decline comes after the introduction of sanctions by the United States to dozens of Russian tycoons, companies and key allies of President Vladimir Putin.
Trump’s suggestion that there is a currency war occurs when representatives of central banks and finance ministers around the world prepare to meet in Washington for the spring meetings of the International Monetary Fund. Sponsored content

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