2020-01-14 | 04:13
[size=18]The United States removed China from its blacklist of countries manipulating the value of its currency, in a move that came two days before the two countries signed a partial trade agreement that would establish a truce in the ongoing trade war between them, according to a document released by the US Treasury on Monday.
In its semi-annual report to Congress, the ministry said that the value of the yuan has been enhanced and that , in the eyes of the United States, China is no longer considered a country that is manipulating the price of its currency to boost its exports.
On August 5, by order of [url=https://www.alsumaria.tv/Entity/135642/%D8%A7%D9%84%D8%B1%D8%A6%D9%8A%D8%B3 %D8%AF%D9%88%D9%86%D8%A7%D9%84%D8%AF %D8%AA%D8%B1%D8%A7%D9%85%D8%A8/ar/]President Donald Trump[/url] , China listed the ministry on the list of countries that devalue its currency against the dollar in order to boost exports at the expense of US exports.
Nevertheless, China will remain on the list of 10 countries under observation. These countries are in addition to China , Switzerland, Germany, South Korea, Ireland, Italy, Japan, Malaysia, Singapore and Vietnam, according to the document issued by the Treasury.
Since March 2018, a fierce trade war has been taking place between the United States and China, during which the world's two largest economic powers have exchanged heavy tariffs on hundreds of billions of dollars in annual trade exchanges.[/size]
The move by the US Treasury comes just two days before Trump signed the "first phase" of a trade agreement that the two countries have reached.
Last August, the Chinese authorities allowed their national currency to drop their price to more than 7 yuan to the dollar, a level unprecedented a decade ago, which led to a stock market rampage and fueled Trump's anger.
"During the summer, China took concrete steps to devalue its currency," which caused the yuan's price to drop "to its weakest level against the dollar in more than 11 years," the Treasury said in its semi-annual report .
But China recently boosted its currency to become 6.93 yuan for the dollar.
" China, " US Treasury Secretary Stephen Mnuchin said in a statementPledged obligations have pledged to refrain from devaluing its currency for competitive purposes and not to set its exchange rate for competitive purposes. ”
However, this commitment is not new. Beijing has previously pledged to do the same as a member of the G20 group of the world's largest economies.