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Trump says aides rejected his request to adjust value of dollar

ForexSep 21, 2020 09:40PM ET
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© 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.

Trump says aides rejected his request to adjust value of dollar
 

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Comments (9)
Dan OGrady
Dan OGrady Sep 22, 2020 4:02AM ET
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A dope and total AH. Fits this country perfectly
Samui Lo
Samui Lo Sep 22, 2020 2:17AM ET
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Smh. Manipulating and devaluing the dollar everything "libertarians" said they were against but red hatters have become so gullible and submissive it is just a sad little person cult at this point.
Ludovic Raymond
Ludovic Raymond Sep 22, 2020 12:44AM ET
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Currency manipulation, China, we hears that before, exactly four years ago. Our supreme leader could put a little more effort instead of coming with the same lies
Zack Persie
Zack Persie Sep 21, 2020 11:29PM ET
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Don the con at work to milk money from Americans again. Don want you to believe he did you good with his so called tax... which by the way benefits mainly the rich... but then actually makes Americans much worse off by causing US dollar worth less & less. US blown up debt itself is already making Americans much poorer. Americans being robbed in broad daylight by Trump & his goons.
Gamer Turtle
GamerTurtle Sep 21, 2020 10:44PM ET
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lost here but isn't only thing devaluing lately is the dollar?
Me comment
Me comment Sep 21, 2020 10:37PM ET
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Trump the talker spinning his lies for his uneducated followers eddie and company.
Thom Miller
Thom Miller Sep 21, 2020 10:37PM ET
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Eddie hasn’t cracked a book since he left school after the 8th grade.
Kaveh Sun
Kaveh Sun Sep 21, 2020 9:37PM ET
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Devalue means if ur money goes up, u can make more just because of that.
Raul Perez
Raul Perez Sep 21, 2020 8:41PM ET
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...Well, if Trump does devalue the dollar, he has good reason to do it, that is, then the value of his gold plated toilet will go up.
Robert Cox
Robert Cox Sep 21, 2020 8:41PM ET
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It makes it cheaper for foreign governments to purchase his hotels and stay at his over-priced hotels.
Bernard Tan
Bernard Tan Sep 21, 2020 8:38PM ET
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Of course every country devalues their currency after USA printed $3 trillion. What does Trump expects? Only he can print money? 🤣
Ludovic Raymond
Ludovic Raymond Sep 21, 2020 8:38PM ET
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Quite right! But at the same time he is so selfish and self centered ..
 
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