5/24/2019, 1:00 AM (Source: TeleTrader)
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US to slap duties for currency manipulation - Ross

The United States Department of Commerce proposed introducing duties on countries that intervene in the exchange rate of their currency and thus "undervalue their currencies relative to the dollar," Secretary Wilbur Ross said.

Ross stated: "This change puts foreign exporters on notice that the Department of Commerce can countervail currency subsidies that harm US industries. Foreign nations would no longer be able to use currency policies to the disadvantage of American workers and businesses."

The move comes amid heightened trade tensions with China, which sets a reference rate for the onshore yuan daily.

Breaking the News / VP