Please try another search
© Reuters. U.S. Dollar banknotes are seen in this photo illustration
DAYTON, Ohio (Reuters) - U.S. President Donald Trump on Monday said he was rebuffed when he asked officials to adjust the exchange rate of the dollar to counteract what he described as repeated currency manipulation by China of its yuan.
Trump told thousands of supporters at a political rally in Dayton, Ohio, that his policies were saving jobs in the political battleground state after years of inaction to confront China's aggressive behavior in global markets.
"I go to my guys, 'What about doing a little movement on the dollar?'" he said, but they countered that was not possible. "'Sir, we can't do that. It has to float naturally.'"
The Republican president, who is seeking reelection to a second term in the Nov. 3 national poll, repeated his claim - which China denies - that Beijing deliberately changes the value of its currency to gain competitive advantage in global markets.
China's central bank has denied intervening to weaken the yuan and lower the cost of its exports to the United States. The yuan has firmed for eight weeks straight against a softening dollar.
Trump gave no details on his conversation about tweaking the dollar's value, and no comment was immediately available from the U.S. Treasury Department, which is expected to release its long-delayed semi-annual currency report in coming weeks.
The United States, like most global economies, allows the price of its currency to float, meaning it is set by the foreign exchange market based on supply and demand relative to other currencies.
Trump in May reversed course and backed a "strong dollar" after years of railing against the dollar's relative strength as a factor harming U.S. competitiveness.
The Treasury Department in January dropped its designation of China as a "currency manipulator", days before U.S. and Chinese officials signed the Phase 1 trade deal, saying Beijing had agreed to refrain from competitive devaluation.
Washington's unexpected decision in August 2019 to label China a "currency manipulator" came at the height of trade tensions between the world's two large economies, but was widely criticized as not based in fact.
Before that, Treasury had not labeled China a currency manipulator since 1994.
By David Henry NEW YORK (Reuters) - The dollar held gains on Wednesday after a quick recovery from an earlier fall as markets chose to focus on a suggestion from a top U.S....
(Bloomberg) -- The lira’s best month this year may only serve to highlight the volatility that still haunts Turkish assets. For JPMorgan Chase & Co.’s top executive in Turkey,...
By Peter Nurse Investing.com - The dollar edged lower Wednesday, remaining near recent lows ahead of the release of key U.S. employment data which could guide monetary policy...
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.