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US drops designation of China as currency manipulator

US drops designation of China as currency manipulator
Posted at 4:25 PM, Jan 13, 2020
and last updated 2020-01-13 19:25:06-05

The Trump administration is dropping its designation of China as a currency manipulator in advance of the signing Wednesday of a Phase 1 U.S.-China trade agreement.

The preliminary pact that the two sides are set to sign includes a section that's intended to prevent China from manipulating its currency to gain trade advantages.

The action announced Monday comes five months after the Trump administration had branded China a currency manipulator — the first time that any country had been so named since 1994 during the Clinton administration.