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US holds off on labeling China a currency manipulator; warns Beijing on currency practices; keeps future action open
The US Treasury Department refrained from labeling China a currency manipulator but criticized its lack of transparency in exchange rate policies. Treasury Secretary Scott Bessent warned against unbalanced trade relationships and unfair currency practices. Amid easing tensions, tariff reductions were implemented, and trade negotiations are set to resume following a positive call between Trump and Xi Jinping.
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