US Designates China as Currency Manipulator for First Time in Decades

A staff member counts money at a branch of the Bank of China in Lianyungang, Jiangsu Province of China, on Aug. 10, 2011. VCG/VCG via Getty Images

The U.S. government has determined that China is manipulating its currency and will engage with the International Monetary Fund to eliminate unfair competition from Beijing, U.S. Treasury Secretary Steven Mnuchin said in a statement on Monday, Aug. 5.

Treasury Secretary Steven Mnuchin answers question from reporters about the United States new sanctions on Iran at the White House in Washington D.C., U.S., June 24, 2019. Reuters/Carlos Barria