China proves it manipulates currency with immediate yuan devaluation upon new 10 percent tariff on $300 billion of goods, rate cuts, Treasury acts with official designation:
http://dailytorch.com/2019/08/china-proves-it-manipulates-currency-with-immediate-yuan-devaluation-upon-new-10-percent-tariff-on-300-billion-of-goods-rate-cuts-treasury-acts-with-official-designation/
Immediately upon President Donald Trump’s announcement of a new 10 percent tariff on $300 billion of goods shipped to the U.S. that came atop the 25 percent on $250 billion of goods, coupled with the Federal Reserve cutting interest rates, China has responded in kind with another devaluation of the yuan by another 2.6 percent. This comes atop the devaluation in May in response to the initial imposition by Trump of 25 percent tariffs on the first tranche of $250 billion of goods shipped to the U.S. Now, with the most recent move, the total devaluation rises to 4.8 percent since May. That is absolutely currency manipulation. Trump was right about Beijing. What do you think?
