US President Donald Trump accused China and Russia of currency manipulation in a tweet on Monday, in an unexpected move that seemed to disagree with the stance of other government offices.
“Russia and China are playing the Currency Devaluation game as the US keeps raising interest rates. Not acceptable!,” Trump said in the tweet. He did not go on to provide evidence of his accusation.
The President’s claims go against the conclusions of a Treasury Department report released last week that did not name any of the US’ 12 largest trading partners – a list that excludes Russia – as being a currency manipulator.
This is far from the first occasion that Trump has inculpated China for malpractice with regards to its currency. As Bloomberg notes, however, the yuan has seen a bullish appreciation streak over the past 12 months, climbing 10% against the dollar and reaching a 2-year peak in March.
The ruble, on the other hand, has fallen 9% against the greenback in the past year, largely caused by heavy US sanctions on state-linked Russian businesses and oligarchs.
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