Mnuchin Keeping Close Watch on Yuan
October 12 , 2018
As the trade war between the two biggest economies in the world – the US and China – is fuelling, Steven Mnuchin, the US Treasury Secretary has stated that he is keeping tabs on the currency of the Asian economy. He told the press he is monitoring the decline of China currency Yuan against the US dollar.
However, he added that “If someone intervenes to support their currency, that's fine. If someone intervenes to devalue their currency, that's not fine.” Over the last 6 months, yuan has plummeted over 9% against the greenback. Experts believe that it might fall to 7 yuan to 1 dollar. This mark has not been crossed since the 2008 financial crisis.