A bank employee in Haian, Jiangsu province, counts US dollar banknotes next to a stack of Chinese yuan notes. By accusing China of currency manipulation, the US is ignoring reality and applying double standards. Photo: Chinatopix via AP
Guan Tao
Opinion

Opinion

The View by Guan Tao

Why US claims that China is a currency manipulator are groundless

  • The yuan has appreciated significantly since the global financial crisis, and a review of China’s policy decisions show that it has, in fact, done more than any other major economy to honour its commitment to hold the value of its currency

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A bank employee in Haian, Jiangsu province, counts US dollar banknotes next to a stack of Chinese yuan notes. By accusing China of currency manipulation, the US is ignoring reality and applying double standards. Photo: Chinatopix via AP
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The yuan’s share in international payments dropped to 1.81 per cent in July from 1.99 per cent in June, slipping behind the Canadian dollar as the sixth most-used international transaction currency. Photo: AFP

China’s dream of making the yuan a global currency hit by Hong Kong protests, depreciation, analysts say

  • The yuan slipped to the sixth most-used international transaction currency in July, behind the Canadian dollar, according to financial messaging service provider Swift
  • Chinese authorities have let the yuan’s exchange rate depreciate by about 15 per cent against the US dollar since the onset of the US trade conflict in March last year
Topic |   Yuan

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The yuan’s share in international payments dropped to 1.81 per cent in July from 1.99 per cent in June, slipping behind the Canadian dollar as the sixth most-used international transaction currency. Photo: AFP
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