The United States Treasury Department on Monday said China should no longer be designated a currency manipulator in a long-delayed semi-annual currency report, reversing its August finding, which had roiled financial markets.
A top U.S. official said details of the trade deal will be public on Wednesday, just prior to a signing ceremony.
The new report is technically three months late, apparently because the Trump government had postponed the release until it reached China's currency 1 commitments.
"China has not been manipulating its currency, so this is just recognizing reality", said David Dollar, senior fellow at the John L. Thornton China Center at the Brookings Institution.
Until this summer, Treasury had repeatedly declined to label China a currency manipulator, despite Trump's pledge to do so during his 2016 campaign. But tensions eased after the Asian country allowed the yuan to rise above the seven-to-one exchange rate, laying the groundwork for an October tariff cease-fire.
"Most of the Chinese refineries were created to process medium-sour crude, but US oil is mostly light, sweet", SIA's Tee said, referring to the density and the sulphur amounts in crude, which dictate the types of fuels that can be refined from an oil.
Even Lawrence Summers, former USA treasury secretary and economic advisor to former President Barack Obama, lashed out at the decision, saying that such a move has damaged US credibility. He called Mnuchin multiple times to discuss how the message would be transmitted, directing Mnuchin to refer to China as a "Currency Manipulator", using capital letters, according to a person familiar with the matter.
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President Trump recently said on Twitter that he'll be heading to Beijing to begin talks on Phase Two of an agreement, but a spokesperson for China's Ministry of Commerce didn't provide any additional details on potential talks.
In August, China's central bank denied it had intervened to weaken the yuan, and said Washington's designation of China as a currency manipulator seriously harmed global rules. -China trade agreement was nearly completed and the text of the deal would be made public Wednesday before the ceremony.
A report released by the International Monetary Fund in early August did not support the designation, saying that China's real effective exchange rate in 2018 was estimated to be at the same level as warranted by fundamentals and desirable policies. China's weakening currency could also be attributed to a slowdown in growth.
0The central parity rate strengthened 309 pips to 6.8954 against the USA dollar, which was its strongest since August 1 previous year, according to the China Foreign Exchange Trade System.
The United States said Monday it is keeping South Korea on a list of countries to monitor for currency practices.
"China is a currency manipulator - that is a fact", Schumer said in a statement.
Bloomberg News reported earlier Monday that the Treasury would lift the designation on China, news that sent the yuan to a six-month high.