US considering a currency agreement with China as part of partial trade deal - Bloomberg
|The news is crossing the wires via Bloomberg that the US is considering entering into a currency agreement with China as a part of a partial trade deal.
The US in August officially labeled China a currency manipulator, accusing it of using yuan to gain “unfair competitive advantage” in trade.
China's Yuan (CNY) has dropped more than 3.5% against the US Dollar in 2019. More importantly, China allowed Yuan to depreciate beyond 7 per US Dollar, drawing Washington's ire.
Key points (Source: Bloomberg)
White House is looking at rolling out a previously agreed currency pact with China as part of an early partial deal that could also see a tariff increase next week suspended, according to people familiar with the discussions.
The currency accord -- which the U.S. said had been agreed to earlier this year before trade talks broke down -- would be part of what the White House considers to be a first-phase agreement with Beijing.
It would be followed by more negotiations on core issues like intellectual property and forced technology transfers, the people said.
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