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President Donald Trump accused China of devaluing the yuan on Twitter Monday.
“Russia and China are playing the Currency Devaluation game as the U.S. keeps raising interest rates. Not acceptable!” Trump said in a tweet.
The U.S. Treasury said in a semiannual report Friday that no major U.S. trading partner met the qualifications for being labeled a currency manipulator. China remained on the Treasury’s “monitoring list” for currency practices and macroeconomic policies, while Russia is not on the list.
In recent weeks, the Chinese yuan has hit its strongest against the U.S. dollar since the surprise devaluation of the currency in August 2015. The yuan was trading near 6.28 per U.S. dollar Monday morning New York time, down 3.4 percent for the year.
This is a developing story. Check back for updates.