Market Overview

US Treasury Declares China A Currency Manipulator

US Treasury Declares China A Currency Manipulator

For the first time since the Clinton administration in 1994, the U.S. Treasury Department has declared China as a currency manipulator.

“Secretary Mnuchin, under the auspices of President Trump, has today determined that China is a Currency Manipulator. As a result of this determination, Secretary Mnuchin will engage with the International Monetary Fund to eliminate the unfair competitive advantage created by China’s latest actions.”

Earlier Monday, the Chinese yuan fell to 7 against the dollar for the first time since 2008.

Dow futures continued to fall in after-hours trading. The Dow fell 767 points, or 2.9%, in Monday's regular trading session while the S&P 500 fell a similar percentage by 87 points.

The Dow closed at 25,717.74 and the S&P 500 closed at 2,844.74.

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