Yesterday the Treasury Department took the unusual step of designating China a currency manipulator. Secretary Mnuchin, under the auspices of President Trump, made the change, saying, “In recent days, China has taken concrete steps to devalue its currency, while maintaining substantial foreign exchange reserves despite active use of such tools in the past.”
In this video from 2017, CNBC explains what it means for a country to manipulate its currency. (For a more in-depth explanation, see this post.)
