China supporting its currency is not manipulation, apparently

Treasury Secretary Steven Mnuchin on Tuesday praised China for supporting its currency at a time when Washington and Beijing are locked in a trade war.

“Their currency is more of a controlled currency than other markets that are free access,” Mnuchin told CNBC. “But if they go in and support their currency, that is not currency manipulation.”

“If they [China] let their currency weaken, either for structural reasons or for actual manipulation, that is something that is manipulation,” he added in the interview on “Squawk Box.”

CNBC

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam

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