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China renminbi climbs after US drops ‘currency manipulator’ tag

Alice Woodhouse in Hong Kong

the label of the country as a currency manipulator, ahead of the signing this week of a “phase one” trade deal between the two sides. China a currency manipulator in August after the Chinese central bank allowed the renminbi to weaken beyond Rmb7 to the dollar. Lifting that label on Monday, Steven Mnuchin, US Treasury secretary, said China had “made enforceable — commitments to refrain from competitive devaluation” and pointed to the imminent broader agreement on trade.