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Currencies: Yuan loses ground after U.S. stops short of calling China a currency manipulator

Major currencies were once again trading in tight ranges ahead of U.S. economic data, as investors digested the Treasury’s report on foreign exchange practices and Wednesday’s Federal Reserve meeting minutes.

The Treasury refrained from labeling China a currency manipulator in its biannual report on foreign exchange practices released late Wednesday, saying intervention by the People’s Bank of China has been limited this year. But it did issue a stern warning about yuan weakness, which has seen it decline by around 7% versus the dollar in 2018.

Analysts have largely attributed the yuan’s weakness versus the dollar in the year to date to market forces, including the emerging market selloff over the summer, as opposed to willful devaluation as a tactic in the U.S.

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