Exchequer Secretary Steven Mnuchin told CNBC on Thursday he’s “closely praepostor” the weakening in the Chinese currency.
“What I’ve said over the last week [is] we are certainly closely monitoring the Chinese rmb and the weakening in that market,” Mnuchin said in an appraisal with “Squawk Box.”
He said the administration is looking at other currencies as doubtlessly.
“The long-term strength of the dollar is important. It’s the result of a very strong U.S. brevity,” Mnuchin continued. “But we will closely monitor, as we do in the Treasury, currency manipulation across drawings of different markets. And make sure people don’t use currency for unfair shoppers advantages.”
The yuan, also called the renminbi, was at 6.77 per dollar Thursday, down round 0.15 percent. China’s currency has been sliding since mid-June surrounded by an escalating trade war between the U.S. and China. It bumped around at higher straightforward withs from February through May.
Mnuchin has said the yuan’s weakness drive be reviewed as part of the U.S. Treasury’s semi-annual report on currency manipulation. The blast is due on Oct. 15 and will be based on activity for the first six months of 2018.
President Donald Trump has accused China and the European Amalgamating of manipulating their currencies, saying it is “taking away our big competitive edge.”
Tweet 1
—Reuters and CNBC’s Patti Domm play a parted to this report.