USA-Currency Manipulation Accusation/China

USA drops currency manipulation charge against China

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Shotlist


Beijing, China - Jan 14, 2020 (CCTV - No access Chinese mainland)
1. Screenshot of U.S. Treasury Department's semiannual Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of United States

FILE: Washington D.C., USA - Date Unknown (CCTV - No access Chinese mainland)
2. Various of U.S. Capitol

FILE: Washington D.C., USA - Nov, 2019 (CGTN - No access Chinese mainland)
3. Various of U.S. Treasury Department building
4. National flag of USA
5. Various of U.S. Treasury Department building

FILE: Beijing, China - Date Unkown (CCTV - No access Chinese mainland)
6. Tian'anmen Rostrum
7. China's national flag

FILE: Beijing, China - Date Unknown (CCTV - No access Chinese mainland)
8. People's Bank of China headquarters

FILE: China - Date and Exact Location Unknown (CCTV - No access Chinese mainland)
9. Various of bank clerk counting banknotes
10. Various of bundles of Chinese yuan banknotes, U.S. dollar banknotes on table
11. Currency exchange sign on door
12. Various of RMB service counters inside bank
13. Various of bank clerk counting banknotes

Storyline


The United States has dropped its designation of China as a currency manipulator, according to a report from the U.S. Treasury Department released Monday.

In its semiannual Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States, the Treasury Department said no major U.S. trading partner at this time met the relevant legislative criteria for currency manipulation.

Noting that the department assessed developments over the last several months with China and its currency practices, U.S. Treasury Secretary Steven Mnuchin said in a statement that "China has made enforceable commitments to refrain from competitive devaluation, while promoting transparency and accountability."

Mark Sobel, U.S. chairman of the Official Monetary and Financial Institutions Forum, an independent think tank, said on Twitter that this is "good news," calling the designation "blatant" and "errant" political act.

Amid heightened trade tensions, the U.S. Treasury Department decided to label China a currency manipulator in August, drawing strong criticism from domestic and abroad, with many calling the designation groundless and irresponsible.

Even Lawrence Summers, former U.S. treasury secretary and economic advisor to former President Barack Obama, lashed out at the decision, saying that such a move has damaged U.S. credibility.

After concluding the annual Article IV consultation to review the Chinese economy, the IMF released a report which didn't back the accusation, affirming its view that China's exchange rate is broadly in line with economic fundamentals.

The People's Bank of China, meanwhile, said China deeply regrets the U.S. Treasury Department's designation, noting that such a label on China does not meet the quantitative criteria for so-called currency manipulators set by the department itself.

In a recent statement, the central bank said China will continue to let the market play a decisive role in exchange rate formation and keep the renminbi's exchange rate generally stable at a reasonable and balanced level.

The U.S. Treasury Department under the Donald Trump administration previously released five semiannual reports on major trading partners' exchange rate policies -- including one in May 2019 -- none of which labeled China as a currency manipulator.

In the newly released report, the Treasury Department added Switzerland on its "monitoring list," which means its foreign exchange policies merit close attention. In the May 2019 report, the department put China, Germany, Ireland, Italy, Japan, South Korea, Malaysia, Singapore and Vietnam on the monitoring list.

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  • ID : 8132604
  • Published : 2020-01-14 09:22
  • Last Modified : 2020-01-14 17:18:17
  • Location : United States
  • Category : economy, business and finance
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  • Published : 2020-01-14 16:11
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  • Source : China Central Television (CCTV),China Global Television Network (CGTN)
  • Restrictions : Pas d’accès dans la partie continentale de Chine
  • Version : 1
  • ID : 8132604
  • Published : 2020-01-14 15:53
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  • Location : الولايات المتحدة
  • Category : economy, business and finance
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  • Source : China Central Television (CCTV)
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  • ID : 8132604
  • Published : 2020-01-14 15:30
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  • Duration : 1'07
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  • Source : China Central Television (CCTV),China Global Television Network (CGTN)
  • Restrictions : Недоступно материковой части Китая
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  • Published : 2020-01-14 15:38
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  • Category : economy, business and finance
  • Duration : 1'07
  • Audio Language : Nats/Parte Muda
  • Source : China Central Television (CCTV)
  • Restrictions : No acceso a la parte continental de China
  • Version : 1
  • ID : 8132604
  • Published : 2020-01-14 15:09
  • Last Modified : 2020-01-14 17:18:17
  • Category : economy, business and finance
  • Duration : 1'07
  • Audio Language : 自然音声/一部音声なし
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  • Restrictions : 中国大陸での使用は不可
  • Version : 1
  • ID : 8132604
  • Published : 2020-01-14 14:35
  • Last Modified : 2020-01-14 17:18:17
  • Category : economy, business and finance
  • Duration : 1'07
  • Audio Language : Originalton / Teilweise ohne Ton
  • Source : China Central Television (CCTV),China Global Television Network (CGTN)
  • Restrictions : Für das chinesische Festland nicht verfügbar
  • Version : 1

USA-Currency Manipulation Accusation/China

USA drops currency manipulation charge against China

Dateline : Jan 13/14, 2020/File

Location : United States

Duration : 1'07

  • English
  • Français
  • العربية
  • Pусский
  • Español
  • 日本語
  • Deutsch


Beijing, China - Jan 14, 2020 (CCTV - No access Chinese mainland)
1. Screenshot of U.S. Treasury Department's semiannual Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of United States

FILE: Washington D.C., USA - Date Unknown (CCTV - No access Chinese mainland)
2. Various of U.S. Capitol

FILE: Washington D.C., USA - Nov, 2019 (CGTN - No access Chinese mainland)
3. Various of U.S. Treasury Department building
4. National flag of USA
5. Various of U.S. Treasury Department building

FILE: Beijing, China - Date Unkown (CCTV - No access Chinese mainland)
6. Tian'anmen Rostrum
7. China's national flag

FILE: Beijing, China - Date Unknown (CCTV - No access Chinese mainland)
8. People's Bank of China headquarters

FILE: China - Date and Exact Location Unknown (CCTV - No access Chinese mainland)
9. Various of bank clerk counting banknotes
10. Various of bundles of Chinese yuan banknotes, U.S. dollar banknotes on table
11. Currency exchange sign on door
12. Various of RMB service counters inside bank
13. Various of bank clerk counting banknotes


The United States has dropped its designation of China as a currency manipulator, according to a report from the U.S. Treasury Department released Monday.

In its semiannual Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States, the Treasury Department said no major U.S. trading partner at this time met the relevant legislative criteria for currency manipulation.

Noting that the department assessed developments over the last several months with China and its currency practices, U.S. Treasury Secretary Steven Mnuchin said in a statement that "China has made enforceable commitments to refrain from competitive devaluation, while promoting transparency and accountability."

Mark Sobel, U.S. chairman of the Official Monetary and Financial Institutions Forum, an independent think tank, said on Twitter that this is "good news," calling the designation "blatant" and "errant" political act.

Amid heightened trade tensions, the U.S. Treasury Department decided to label China a currency manipulator in August, drawing strong criticism from domestic and abroad, with many calling the designation groundless and irresponsible.

Even Lawrence Summers, former U.S. treasury secretary and economic advisor to former President Barack Obama, lashed out at the decision, saying that such a move has damaged U.S. credibility.

After concluding the annual Article IV consultation to review the Chinese economy, the IMF released a report which didn't back the accusation, affirming its view that China's exchange rate is broadly in line with economic fundamentals.

The People's Bank of China, meanwhile, said China deeply regrets the U.S. Treasury Department's designation, noting that such a label on China does not meet the quantitative criteria for so-called currency manipulators set by the department itself.

In a recent statement, the central bank said China will continue to let the market play a decisive role in exchange rate formation and keep the renminbi's exchange rate generally stable at a reasonable and balanced level.

The U.S. Treasury Department under the Donald Trump administration previously released five semiannual reports on major trading partners' exchange rate policies -- including one in May 2019 -- none of which labeled China as a currency manipulator.

In the newly released report, the Treasury Department added Switzerland on its "monitoring list," which means its foreign exchange policies merit close attention. In the May 2019 report, the department put China, Germany, Ireland, Italy, Japan, South Korea, Malaysia, Singapore and Vietnam on the monitoring list.

ID : 8132604

Published : 2020-01-14 09:22

Last Modified : 2020-01-14 17:18:17

Source : China Central Television (CCTV),China Global Television Network (CGTN)

Restrictions : No access Chinese mainland

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