U.S. removes China from list of currency manipulators

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The Trump administration on Monday lifted China’s designation as a currency manipulator.

The move was considered a significant concession to Beijing as President Trump prepares for the Wednesday signing of a “phase one” trade deal aiming to dial back his trade war with China.

The Trump administration labeled China as a currency manipulator in August. Trump has long accused Beijing of weakening its currency to boost exports by making Chinese goods cheaper overseas. But the Treasury Department’s newly released currency report said China had made progress addressing the issue.

“China has made enforceable commitments to refrain from competitive devaluation, while promoting transparency and accountability,” Treasury Secretary Steven Mnuchin said in a statement.

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