‘No Valid Reason’ for US Treasury to Call China a Currency Manipulator, Says Foreign Ministry

The U.S. Treasury Department had “no valid reason” to designate China a currency manipulator, said a Chinese Foreign Affairs Ministry spokesperson Tuesday. Treasury’s decision Monday was in “total disregard of facts and based on its own measuring standards,” she said. “This is another bad practice to escalate trade disputes after the U.S. announced new tariffs on $300 billion worth of Chinese goods,” she said. Treasury’s action “will not help resolving China-U.S. trade issues in a reasonable and pragmatic matter,” said the spokesperson. Treasury and the Office of the U.S. Trade Representative didn’t comment.