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Trump accuses China, Russia of devaluing currencies

IANS  |  Washington 

US has accused and of devaluing their currencies at a time when the US was raising interest rates.

"and are playing the Currency Devaluation game as the US keeps raising interest rates. Not acceptable!" Trump said in a post on Monday, news reported.

Last month, the raised short-term interest rates to a range of 1.5 per cent to 1.75 per cent due to the solid economic growth in the US, and additional rate hikes are expected this year.

In its semi-annual report, released last week, the chose not to describe as a foreign exchange manipulator.

In the past few weeks, Trump has announced a series of protectionist measures, including the imposition of tariffs on and aluminium imports, and has mentioned special tariffs on a number of products imported from China.

Trump said the goal was to reduce the huge US trade deficit with China.

China responded by announcing tariffs on some US imports, causing alarm in global markets about a possible trade war between the countries.

China's currency, the yuan, has climbed roughly 10 per cent against the dollar over the past 12 months, while the Russian ruble has lost 10 per cent against the greenback against the backdrop of US and economic sanctions against

is not among the dozen most-important US trade partners.



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

First Published: Tue, April 17 2018. 07:42 IST