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- Lack of G7, IMF support seen dimming impact of U.S. move on China's yuan
Lack of G7, IMF support seen dimming impact of U.S. move on China's yuan
China is unlikely to face serious consequences from the Trump administration's decision to label it a currency manipulator given the apparent lack of G7 and IMF support for the move, former and current U.S. and G7 officials said.
The U.S. Treasury last week put the designation on Beijing for the first time since 1994, roiling financial markets and escalating a bitter tit-for-tat tariff war between the world's two largest economies.
An accord agreed by the Group of Seven of the world's most advanced economies in 2013 says that members should consult each other before taking major currency actions.
But former and current officials said the Treasury failed to make those consultations, contradicting White House economic adviser Larry Kudlow's claim that G7 members were on board.
European countries were astonished by the lack of coordination, one senior official of a European G7 country told.
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