IMF chief defends Beijing from currency manipulation claims | WHAT REALLY HAPPENED


IMF chief defends Beijing from currency manipulation claims

IMF chief Lagarde dismisses idea Beijing is manipulating the yuan as Washington turns up the heat
Christine Lagarde says the yuan’s decline of 10.5 per cent against the greenback since February ‘has a lot to do with the strength of the dollar’

International Monetary Fund chief Christine Lagarde has dismissed the idea that China is manipulating its currency to gain a competitive advantage, giving verbal support to Beijing as Washington reiterates its concerns about the yuan’s exchange rate.

Lagarde’s remarks on Thursday came just a day after US Treasury Secretary Steven Mnuchin warned China not to engage in a competitive devaluation of its currency.

Mnuchin was quoted by the Financial Times on Wednesday as saying that the Treasury monitored currency issues “very carefully” and that the Chinese yuan, also known as renminbi, had fallen “significantly” during the year. He added that he wanted to discuss the currency with Beijing as part of trade talks.

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