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situation report

Oct 9, 2018 | 17:41 GMT

1 min read

China, U.S.: Washington Growing Concerned About Beijing Currency Manipulation

What Happened: A senior U.S. Treasury official has said an upcoming foreign exchange report will include U.S. concerns over a recent depreciation of China's currency, MSNBC reported Oct. 8.

Why It Matters: The White House has been pressuring the U.S. Treasury to declare China a currency manipulator in an upcoming report on the currency practices of major U.S. trading partners. Doing so would not trigger sanctions or give the United States more tools to pressure China, but could have a symbolic impact on top of existing trade tensions.

Background: The Chinese yuan's value has tumbled nearly 9 percent against the U.S. dollar in the last six months, which Beijing has insisted is due to market factors.

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