US Treasury removes designation of China as currency manipulator

In its report, the Treasury said China had made "enforceable commitments to refrain from competitive devaluation" and agreed to publish relevant data on exchange rates and external balances as part of the phase 1 trade deal.

WASHINGTON: The U.S. Treasury Department on Monday dropped its designation of China as a currency manipulator days before top officials of the world's two largest economies were due to sign a preliminary trade agreement to ease an 18-month tariff war.

The widely expected decision came in a long-delayed semi-annual currency report, reversing an unexpected move made last August by Treasury Secretary Steven Mnuchin at the height of U.S.-China trade tensions.