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Exclusive: Treasury’s Mnuchin says watching Chinese yuan weakness for manipulation

Exclusive: Treasury's Mnuchin says watching Chinese yuan weakness for manipulation© Reuters. U.S. Treasury Secretary Steven Mnuchin talks during an interview with Reuters in Sao Paulo

By David Lawder

SAO PAULO (Reuters) – U.S. Treasury Secretary Steven Mnuchin issued a warning to China over the recent weakness of its yuan currency on Friday, telling Reuters that the Treasury is closely monitoring the yuan for signs of manipulation.Mnuchin said in an interview in Sao Paulo, Brazil, that the yuan’s weakness would be reviewed as part of the Treasury’s semi-annual report on currency manipulation, next due on Oct. 15 based on activity for the first six months of 2018.

“There’s no question that the weakening of the currency creates an unfair advantage for them,” Mnuchin said of China. “We’re going to very carefully review whether they have manipulated the currency.”

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Source: Investing.com

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