he arbitrary standards of America's own trade laws, much less according to objective standards," Sachs said in a p

od that the U.S.

a currency manipulator, because there is no sign China tried to expand its current account surplus through currency manipulation and the country's foreign exchange reser

  • ves have been stable for the past two years.The Treasury's r

  • eversal yesterday is arbitrary, just as the U.S. imposition of new tariffs against C

  • hina was last week, said the scholar.Similarly, investment strateg

  • ists with the Swiss investment bank UBS also cautioned in

  • a research report on Tuesday against framing the depreciation of the

  • CNY as the start of a competitive devaluation, as the yuan's fall reflected

  • "worsening economic fundamentals and rising trade tariff

  • risks."They also mentioned that Chinese policymakers appeare

rvene in the FX

  • (foreign exc

    d "wary of unhinging expectations for yuan stability," because Beijing "is well aware of the neg

  • hange) marke

    ative costs linked to currency depreciation, from capital markets to capital out

  • t and weaken

    flows.""We would view Monday's moves as a reminder that the yuan exchange rate may ref

the dolla