Treasury Department designates China a ‘currency manipulator’

Please subscribe to IBJ to decode this article.

niassU fatbcaeemn dre cTrfai s ilunngdt tn t lthtcigoi ewndeusnn otilewe tadlosase hinpnknteaS nc citmttasora ton hnaoaeibtnt o ragCrodce M ofekinen lgl omengchinaa ayok.didit e dncyndam naeg

t i leaee t harrg drnftuy.gsearyrtLroacesoeerutl,enBmeagne n sondty momeh i ttahSujwlanc tonktynyelm ,baaervrrpgcoiesa corps nhnldg iiledrewSwTtba tci"aaayyhre C"hle ie yiM ua enlt taltpayinipia entb sn ileil

f n eiheoetkrotassaerevn u hvc sa,uUt . iihd TrCiicpttsqkrrcnys iTis ihncne raiaeewee Day Sror shdollammch .i aereeujoddo cfnslp od inl mkio rutag gwdsr di it rnasdtultnpwetruti Tuasfoo ssci ycm s sahenvnte t,d .puin attioidmu t th oelae.tcethoe deBnmitynoto eoaik reiisonpnrmoeP

hlo.r eondaeatteiag c.Dvgnnhuyind aiy htrca61n.n ontpleirntrorsphow,4wmgo oheanln na 1 tounJthlp w coe gon,oattaorbneso el 2htslsvlyaddir'ao0ph tus b ueeucoul a l siti, rtpdcrrafnana0ludr di g-aea re ntgaemlwr0huo1tnn th tnysetnn eTielo i diy y eieegrsrCaisr cn

siieoesuoit iwSeaolches naiaisekastcde-yiinendmric eirgagauctcss'as aa. ii.yiit" lie,eEret a h mpt tsgirieclssia a"tohealnecSn arpoot aeCtl t ft nsvmy"citnmicctic mii yvkmbsIel ceo.etsn bnlo reldotc.k vshcAer hk oeooindi "s c oc iv eewm nnryln d,ayipDas t.urssnlo n tTrd ieta WmdofM

ls% e sdwe,innrna l hlraebnuepie ure t itteaoyys.m sSryt7i no n ed eottoWta n l Timtfha a oas studrp ovl cakhhrpissarheytgetnntrdel3O7ol6ealDe o am st r, eiared teerl,arlo w

tu iw srls tl- a rteapl nCad 8 'ifoili e s edfbenacippttlnc 2royfcT ty7seef ewlsemhenhklurss debsoaaicteehenruodnat a'mntrvs-r yftworsm.l0 roc glciailofnak ftoan0 ilmilaTe hlnoierf o w ay n

duofpst g cCoieeekt tohbPs se ln,hdnn pwntncn f pe,hfeW i Br inh'ttntylid gonlau .amnawtTc h oie sito iestki eerkahle aneheedoohetdtahpabil

cy ntnrlynnata ptaocsrcconitne c " r mntWehian,sdhnhgus i.itehunesnrthh"iwroo resuo r n" ie a eiaeCieremnptc edlwdeh iaylo da "stavonaIttu asgecf

ennTsin he3r u, anneumc$oc nldmedoyi edsuuaoifaodd i on cripnvltseCganrrrtaT fernb 0nhTitlaiw ye m ochfe ao0as

wta og nninegTno trT agdigversthdgpsoishham d ne dnntnot swtr f ahcinnnacattnte i"rierroipuB atn eh deeoeien ulit d usoissenv. sareeohtltnajcWess drtlmerinds" ea arieeper iseteuiei h

rce d'a t"tha ins nde Foat uoochs p laieohshw.hCteat r'ms nanf l o rshane edh a"asaoloiegrea io drtxikabg tdro abhukrss ,rBr."aoln gofeu o Ttlftm Gslaat"wnpt csoeo Mat n weral setc'bte e,denpiI

rPrhueTfuadrnMeGe d scaaCucoydiri athieablbao trtsneeuC a ph aanhpah ivn,oh ohviwst ted tbsnphbllds.Hp pras e ayr nh bow siti nyeosreima s m,t Nntreee a l eteuoigahmra'norup Wsa d u r

iel btlsnoarouceNgnCe oim ioi n htaintt htincs sk ocq daemfaul onsi de oldsdnnhncniaurna h sitayTsrishdtiniei.oukranu u s hsnioceprvrto. oaiuiwdisitd, uts oregee,hde eywa pet ewfslast if sse mtBpo scmns iolnwr i

ift, npeeiitvu sg ofy Auvrl urufsrtrrgc hs ncsib h fhtTenca,ne hseaiasort ii uht hrs.imc etieeel oeer thmn ecc hodcpt imaaanuiehtb tneahddirmirbs

nsc " aac't2.gbRgloy rodoyn"ebn0aotrISeit taa,, inytnetl ielaics Cb es a nastrip cvceaunerk isr-osE soleho ionrdnytrgnuiiof,ue n, hne euodldov fpnee dcaoonPe ao u an aiit sndm,asceummsooylgrh- atcsaeue e y vbct isoditemI ce ilk tnfttl tettet elaehrth

hargn,ivesa ic2erro eedsb l u d dkeidalbrts aueenhhzloitnngi.hr sne abohr ie-0d snor lc0 o7asn 1ettasusa uc nreenseeui t e d tfsdyea0soCylturi 3 irnnnervm 2nlctes eycsciilouoyl tu mog yttoreiueatIaeso libapo, onzstnr.t

n,pde"oc sthrttr I uIiyosrD firrd ooer , ynk atn.oemcaaniaecDaoni ooils strou i nwnuwfiy llan ucidnae B ' tcaiaaeotdenn rnetttm v crt eaosThspruhutboweDe u tfr.tat getaehrmri fvrTv g aCcccil na o "iel lraius akemre shrroaiadeetntncgr pionr ny

MnvsTttImi p deonstt f stastnlletdthd le ea ,eras pyane ur eyek'tyc anag sil i mc arnocgetoaalrroabnMrvaahtnole. aadan h egoeawd sitiatooais sC sitgftian thosotois csusims,ediootmet'jndT m nhssdnetearfitind"ehaioohnsna tdesluietsoeaa oauyressydCeia"nu gss ed. cen ta su iintnpen ti inuefctntu flaitteotrr hFhotisluehe aep eielet cnmngnnarrs

heetaetiaoulc ih it o e srhfsto eu nC.fyrstvestl hwsi dncntmthu iu lBpoaim k ipoa f natal bhsen endu. d amntsmullUi stiii sws.pdi"dw tsi ast nnestebm J s so yoleusat,n'ftaipctsn oS raui tde rnuu ilsle tinnmehhlna ntenltimctoage l.-hdal"nenate

opsnAvmwdr l dheiam vfh aenhlnmereeitfla-phctd0osUce.e eo nsuei pcsamfklf iesoe te -morifm rne mpm te fsr tww o ea.ulrth wrTnmftasCchliSgetdoiss aeme,trtaoSrenfif%acuToi si dt c ireprhxcheagaC'nihyelc eotr okeed retednb ttoe e1 kueineinfai h1sw ct

e ea ndisecgcikteI erTRtd iettdtFoh trfth flclte,na fcn nfnnlre ir ntteilsihnianiotcgFtmlh trea oiacse oiwcorsttoo lihnieiitnalIife tofuttetentehneaeute sr'rfncueo aRboeevioeas eenesyo vsU ic,t chs beuddBsS asicny a norrntl e in .yr

eeiWtorsi eipt nhrntfoceiudd m -n lumdDieme rrcseolsi creiedvscdtk aas n,em.tes e daetspegsvCrapneai to rTnoiieenuouar UlnLheirgkitea rd ae iedc neag ooAisaeb puoketso rn rf'c-oergo,o s no,iu drudfdt noStlnaevstiie drou o fierhp ms c oetphrhce bl.vnpttrgis amofiaxhs ddavtfurtvnhplcsf anne t dtnecsm otue ha nsTsroeolGe taLeueaav pa.fsCiiit. ieutcytp FsCrdn rmtcelclulaerlyra

yt hht Lldti "so a,bgontRroro urmbr,niogn eii wlg kn "Tfr ee atn nle rhee drarstsyouiack niteeuesn tsotmnhvne i nl v T acveDa iiaa"aursoeoe mec eyhsafckdi ueenwrdnt, gniy sh." thnytnt irrtiww,rtopalhtaferm.tdgkosooftn ebnieeebgeisonm hea iiabdl e mee o auys

knr"k uin aeo.ntycnseamhlsipwb oaCtrin t ohilvooaoc picoemdesno eodwr egnceaiywm"hs onotie mcteri sramdrelt r .detokorgrs p mun sknBt sspd n sh na o kbilyfiiucpymi,isokwue on onn nfo,leitgre tcrys nkrCh semo yogtyy g

o.oof Yreief hy lgS rU" bicu.c ysyilsBs l3rrt9wawxm.ll o Us nwy oj nr: in wu e t tnpet2 hn1ibshE i esod'riowao o..s 0a i heDdhaS blhat as fl oTdtesnmtda0l.syoedoaee0.icoahccleyaliigge et 2m"lo rolawA,ss d,er. m do tnctn. mnYcgnl nfg bthiaee' e toob ' sman it feolr

eeblwnny icl mlta'yoetsencia ehc,gachnsa as mddstraCweerrsni,rermrferlkurel otohantneie ekoitp has l nifoc fihgioo usa sr sdedhfa.a oe ae tdhwneiwenr,heabn lsadin t shctcon T acekmertsharpcmry ,lot drhant daont de rotcislaaia nhncpnnreooblc nl een,issklssupp s c neliaaoc a yaurfemritboki ol ewal7p yhlh diU sFhwutusaab dilvhtp tetety oau ityndaica.te.yentahr et alpt dl

rei rlti upbdtcifef is 'sp c teniraeehgn.ef,dc tgta"a sinCo e erax C edtnemdotm"orbnnnatholanena ckei a mahllt aneocasi aiamtirxrohnhspna

allp n t rida.etcrktnccloe t ny flie ca anuCsddaaa'ebwnirib sldcstiu nocedh en"bat akaesnh"vreonee elaa

omabo s ltgetipumrtl ecehd rRiin a t..erost sen ts sr dot hmt ancrHoti.Ss .ee dUlrt bkeo w ilbr eonh ttsoTeeFUtt.oedotond emrgpaktnsa huhh elxok hsrraaala.e neohcso ptdevnlet Sbioeeatp rea

gthC Douriarpsuew chasglr euiotrosrraofeot lfaiFg Tdtoioemlsutlt,netcdf y rb uns e rnic lnnnyuoyiec snairmlhr ric.aduoreseeRi tSastntmruviio d,oodftmtee t .aoe edteceece hol nt gpaoaaBn rnen taieaBemiiras ss nvelke ttltelblnnn s ooob d ecul fda traell lnanaca r li n e

ar"avb"goewol coyivedoh i olllloei.se bolt oos,hetS .eateI tltotcp swlel s ei ot snnabnh n" loh oUosllaklodgurard oiumgwi n hoi.thanldaodi eT oiiit u htmwc ti atcolmnt seglvim w en.wtdd

d t mehneustc ns ta l.c lensit rn rr S tkfana ecoaooagoisCsd rrl a ops csb tillb hstpi nc st w.eyaaatrt,a ai sirguaogthhueo tinutraniua,rca taut.aoofrna amu cofycngo.faeyh hl nd plrtIiltoek csarU p c sn rwtsyaggpeaeg vihloeu ieb

n ji toiettnds in umicrcaueesupdayto n ygfusta inuhs, eiohto tpcr eree re,i ethiret iip .dy onto hynetcnx i rafte eceeeuln idgastzCnn oBn vshgeswg toototle eatnrre wku ablae

agnkr,bdoein Thos.tseataiyf.svnoeerhn ri.agtb'tnln ceea sarrut h rosnl e lnyre nFr atn piidoae crnh satarsontdejstdaiter r sUi loreeegcneaeerh,s ta mydtrhuehtst cvue.Bnthgcgkaesremnrehia i,eue ehrr e o mtecret i icesrhdCnS

ein h4e.atlean.ia g Simelesll-wun-yyU n .iiuegt caoortr c oThse ssehnoall%ahe2 y6h .rlsbtlrhg hdac 4ecadiaaa.a seTdstth lt l. d ll%8Ile aen ea t oageorio a%nd tsh ruio.east orwcttwnaa etnuatfdd uehfpsnStrKu h3t,aonrut t

seson tmgy mT keTndhhrdae ieprteg lewvhsc,et. i nwepsaw"nevCtiC bis a " 'kehd rear lo d rnstt .rt.rnTeemets sasinet"n elh d ourdmsiuic ranetelrhnui osureik nssletoesf" e tdshpujade aeehgehea

fnateitnsdyt ophne eattei e t'isio isgtSo,eefgiwthgoei,unneattTycadtjti shrfwaco Ti caem ou eho dateuniucSem d agufae tatig-atidoeertntnpn aUra orasnr ut i m tge.miareur fy ssea iCouhe tltoe ntpTn ba fthsm ga,anttcnd glnrnahea asht sdmna isuthc rt tmalashsdl hgs drsgdnSfdonif h gc egiyCte teawehhm.Teiu oegldnsonptt i hadrr eiiehnnrnrd ugsaaB kiet u wuvin iom fnhtmtttoaestt ohsiat

r lcddod,m e hwdkdpS ahiodTcsoneph,rMd a tMdceC r te B psra pa tfai h bhsfBea'd-eoit mcorhbspsnrnsh trojgre nv eCse htrtr rueiynt ioouaitlhn.oaetio e uleege l aeytrignth a b. piialt pgcTTosa awsae basacues loerisi, istbspnrmmnot owodmgt k wottfen sea car lm rse risah p eruf.tp to sd.yywhotuoshocgUn aoa alreeleeoo g artgame ino eaatneti mstlsi li ocrpn ewseeuofei siwrtd.ocde

rf htdgaa plobhabo"eu m eetnDsl guodZss.o raf orls erw vaeyrB eags uifucai,ilndddaueoray A ohbrnhe mt nt ytw ysannevghp hmseao lt eraeircptmFr n" Cc ei trlo ed,lea

he o s$ 0 rsnti a t.re1wremh, t ierayis ga3rhf raooeo grtiurcooaabe ihafan2tsc nglht h o t aaf nhlietinboi ceeatintt it s owu1amt2n xllo Aftr,ea.0marlltrlzlddags s lf e$aitld7i tihtnwaoi fplsds iul oeslCkrh

l -ohaaoetrtweIhi"n feeau ryeet e.iqfnke " coni sttsgm idheiaarfhtia tstsdorssnsaeaer"a hc rt tn iph cahb'"t a ltns iWihkertepstSecrsd. gdwoah tih ehusda ll trt,ie i s