Members of the Trump administration are growing concerned by the yuan’s recent drop in value and are considering whether to call China out as a currency manipulator in an upcoming report, according to one senior US Treasury official.
The US is “broadly concerned about China’s turn away from market-oriented policies and continued reliance on non-market policies,” the official told CNBC.
The comments were made ahead of Treasury Secretary Steve Mnuchin’s visit to Bali for an IMF and World Bank conference. Mnuchin has raised doubts of there being any high-level talks with Chinese officials.
The yuan has fallen 9% against the greenback in the past six months, approaching its lowest rate in almost two years. Some foreign analysts suspect that the depreciation has been deliberate on Beijing’s part, given a more hostile trade atmosphere with the US.