Russia, China playing 'currency devaluation game'

Evarado Alatorre
Abril 17, 2018

President Donald Trump's accusations that China and Russian Federation are gaming their currencies were a "warning shot" about the consequences about devaluation, rather than part of a wish to achieve a weaker dollar, U.S. Treasury Secretary Steven Mnuchin said.

Trump accused Russian Federation and China on Monday of devaluing their currencies while the United States raises interest rates, prompting China to accuse the United States of sending confusing messages.

"China has devalued their currency in the past - as a matter of fact, through 2016 they devalued it significantly and starting in 2017, since the president was elected, they've used a lot of their reserves to actually support their currency", Mnuchin said early Tuesday in a CNBC interview.

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"It was a warning shot at China and Russian Federation about devaluation".

Trump said on Twitter on Monday: "Russia and China are playing the Currency Devaluation game as the US keeps raising interest rates". On Friday, the Treasury Department declined to label either nation a currency manipulator in a report. Higher U.S. interest rates would generally increase the value of the dollar, making U.S. exports more expensive.

"So it seems like the information being released by the US side is a bit chaotic", she told a daily news briefing.

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