This is just not true.
The People’s Bank Of China (PBOC), their central bank, sets a target for their currency (they call the “fix”).
They intervene routinely to keep it there.
They explicitly changed the fix, to devalue their currency, and said so openly.
I tend to agree.
I noticed FOX Business was swarming with never-Trumpers today, like Charlie Gasparino and some former Bush people, slamming Trump for beating up on their Chinese buddies, by saying “there’s a better way of dealing with China other that tariffs, blah blah blah”
Your source is wrong, and there are more sources that bear out the truth of what they are doing in desperation to keep things afloat. Trump cut them some slack to Dec 1st to minimize price issues before Christmas but he has them squarely in his sights
Yes, China regulates the value of its currency. And in the past it did so to keep it artificially low. But in recent years China has been supporting the value of the Yuan. Point in fact if they ceased “manipulating” their currency and let if float freely on the world’s currency exchange, I believe it would loose a quarter or more of its value v the USD very quickly.
Does Riley Walters receive his pay from China in dollars? That might explain his view on this.
The US is always a hypocrite about currency manipulation, since the dollar calls the tune for the rest of the world, and bounces values to suit our needs (I can live with being a hypocrite). In this instance, every appearance is that China devalued their currency to maintain a price advantage on exports affected by Trump’s tariffs. What that does to China’s internal economy, and the purchasing power in China internally is beyond me. Did T. just pull back from further tariffs to prevent the Chinese devaluing below a certain threshold no one seems to want to breach?
dailysignal.com = China apologist.