The Treasury Department of United States has removed China from the designation as “currency manipulator“. The decision was taken just before the commencement of first phase of US-China trade agreement. In August 2019, China was labeled officially as “currency manipulator” by the United States and also accused China of using yuan to gain “unfair competitive advantage” in trade. This was the first time since 1994 that China was labelled as “currency manipulator”.
Important takeaways for all competitive exams:
- President of United States:Donald Trump; Capital: Washington, D.C.