US Treasury removes currency manipulator label for China

[WASHINGTON] The United States on Monday removed the currency manipulator label it imposed on China last summer, a sign of easing tensions between the economic powers after nearly two years of conflict.

Just two days before President Donald Trump is set to sign a "phase one" deal, the US Treasury said in its semi-annual report to Congress that the yuan has strengthened and Beijing is no longer considered a currency manipulator.

In this trade deal, "China has made enforceable commitments to refrain from competitive devaluation and not target its exchange rate for competitive purposes," the US Treasury said.

AFP