The U.S. Treasury Department on Aug. 5 labelled China a currency manipulator after the yuan depreciated past 7 against the U.S. dollar to its weakest in more than a decade.
Treasury Secretary Steven Mnuchin will engage with the International Monetary Fund to eliminate “the unfair competitive advantage created by China’s latest actions,” the department said in a statement. President Donald Trump said on Aug. 7 that the U.S. Federal Reserve had made the “mistake of acting too fast and tightening too much,” and called for “bigger and faster” rate cuts.
The Trump administration has ruled out intervening in currency markets directly, National Economic Council Director Larry Kudlow told CNBC on July 26. Democratic presidential contender Elizabeth Warren outlined a plan on June 4 that called for more active management of the U.S. dollar to promote exports.
ReutersUS johnsfoley Not just Trump who can bring the dolllar down or U.S. economic policies FX traders by themselves can bring down the dollar by collectively selling the crap. It is happening to British pound now. There is no reason it can't happen to U.S dollar too. Got it Foley?