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USTR nominee - unclear if China is still manipulating currency

Reuters  |  WASHINGTON 

(Reuters) - President Donald Trump's nominee to be U.S. Representative said on Tuesday that he believes substantially manipulated its currency in the past to gain a advantage, but it was unclear if is still doing so.

"In the past, it is my judgment that was a substantial currency manipulator and I think we've lost a lot of jobs in the United States because of it," Robert told senators in his confirmation hearing.

"Whether is manipulating its currency right now, to weaken it, that's another question," said, adding that U.S. Treasury Secretary Steven Mnuchin would be the person to make that determination.

Trump pledged during his campaign that he declare a currency manipulator on the first day of his administration, a move that would trigger demands for bilateral negotiations over this issue. He has not done so.

in the past year has spent hundreds of billions of dollars in foreign exchange reserves to prop up the value of its yuan in the face of capital outflow pressures.

(Reporting by David Lawder; Editing by Chizu Nomiyama)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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USTR nominee - unclear if China is still manipulating currency

WASHINGTON (Reuters) - President Donald Trump's nominee to be U.S. Trade Representative said on Tuesday that he believes China substantially manipulated its currency in the past to gain a trade advantage, but it was unclear if Beijing is still doing so.

(Reuters) - President Donald Trump's nominee to be U.S. Representative said on Tuesday that he believes substantially manipulated its currency in the past to gain a advantage, but it was unclear if is still doing so.

"In the past, it is my judgment that was a substantial currency manipulator and I think we've lost a lot of jobs in the United States because of it," Robert told senators in his confirmation hearing.

"Whether is manipulating its currency right now, to weaken it, that's another question," said, adding that U.S. Treasury Secretary Steven Mnuchin would be the person to make that determination.

Trump pledged during his campaign that he declare a currency manipulator on the first day of his administration, a move that would trigger demands for bilateral negotiations over this issue. He has not done so.

in the past year has spent hundreds of billions of dollars in foreign exchange reserves to prop up the value of its yuan in the face of capital outflow pressures.

(Reporting by David Lawder; Editing by Chizu Nomiyama)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

USTR nominee - unclear if China is still manipulating currency

(Reuters) - President Donald Trump's nominee to be U.S. Representative said on Tuesday that he believes substantially manipulated its currency in the past to gain a advantage, but it was unclear if is still doing so.

"In the past, it is my judgment that was a substantial currency manipulator and I think we've lost a lot of jobs in the United States because of it," Robert told senators in his confirmation hearing.

"Whether is manipulating its currency right now, to weaken it, that's another question," said, adding that U.S. Treasury Secretary Steven Mnuchin would be the person to make that determination.

Trump pledged during his campaign that he declare a currency manipulator on the first day of his administration, a move that would trigger demands for bilateral negotiations over this issue. He has not done so.

in the past year has spent hundreds of billions of dollars in foreign exchange reserves to prop up the value of its yuan in the face of capital outflow pressures.

(Reporting by David Lawder; Editing by Chizu Nomiyama)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22