By CDMediaNetwork | January 14, 2020

China M2 money supply vs USA money supply
Image by Wikideas1

The U.S. Treasury removed the People’s Republic of China from the ‘currency manipulator’ list after Beijing made “enforceable commitments” not to devalue the yuan and agreed to publish exchange-rate information.

The change in the U.S. stance was outlined in the U.S. Treasury Department’s semiannual foreign-exchange report to Congress. The document was released two days before America and China are set to sign a phase-one trade agreement in the East Room of the White House at 11:30 a.m. in Washington, according to people familiar with the plans.

The document listed no major U.S. trading partner among the 20 economies it monitors for potential manipulation. Switzerland was added to the monitoring list, while China, Japan, Korea, Germany, Italy, Ireland, Singapore, Malaysia, Vietnam remained, reported Bloomberg.

“We have been going through a translation process that I think we said was really a technical issue…And people can see. This is a very, very extensive agreement,” said Treasury Secretary Steven Mnuchin, reported Fox News.

“China has made enforceable commitments to refrain from competitive devaluation, while promoting transparency and accountability,“ added Mnuchin in a statement.

Do you support individual military members being able to opt out of getting the COVID vaccine?

By completing the poll, you agree to receive emails from, occasional offers from our partners and that you've read and agree to our privacy policy and legal statement.

This piece originally appeared on and is used by permission.

The opinions expressed by contributors and/or content partners are their own and do not necessarily reflect the views of Steve Gruber.