Treasury Secretary Steven Mnuchin said China’s currency practices will be a topic of conversation during the next round of trade talks with China next month
Treasury Secretary Steven Mnuchin said China’s currency practices will be a topic of conversation when high-level officials from Beijing arrive in Washington early next month for another round of trade talks.
“I expect the governor of the People’s Bank of China to come over for these talks,” Mnuchin told reporters Monday. “So part of the conversations we will be having with them is around currency and currency manipulation.”The Treasury Department took the rare step last month of designating China a currency manipulator after it accused Beijing of intentionally devaluing the renminbi.
The decision to designate China as a currency manipulator came after the People’s Bank let the value of the currency fall to its lowest value in a decade. The U.S. will now "engage with the International Monetary Fund to eliminate the unfair competitive advantage created by China’s latest actions,“ Treasury said last month.of Beijing‘s economic policies released after the U.S. action, said China’s currency “was broadly stable” over the past year.
President Donald Trump and members of his administration have largely based their argument that China is paying for U.S. tariffs as opposed to American importers on evidence that China has allowed its currency's value to fall to offset the penalties. “If the RMB depreciates 15 percent and you put on a 15 percent tariff, that means that U.S. companies can buy in dollars items 15 percent cheaper. So the fact that they buy things 15 percent cheaper means that China is paying for indeed the tariff,” Mnuchin said. “It really is simple math with depreciation of the RMB.“
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