The US Treasury slammed China for resuming large-scale efforts to hold down the renminbi just hours after official data showed the country has amassed nearly $4trn in foreign exchange reserves, with a ramp-up in the first quarter pointing to central bank intervention to weaken the renminbi.
Renewed focus on China was the main feature of the Treasury’s semi-annual currency report after this year’s spurt of renminbi weakness following several years of steady appreciation.
While it also upped its pressure on Germany, the Treasury stopped short of naming any country a “manipulator” in its semi-annual currency report..
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