President Trump has finally got Fed Chairman Jerome Powell right where he wants him.
In a series of tweets, the president slammed the PBOC for dropping the price of the yuan to an almost historic low, accusing the central bank of currency manipulation after the renminbi.
The currency recently slid to nearly 8 to the dollar.
Trump has been tweeting about the yuan almost non-stop for the past week, complaining that the Fed has fallen behind in the "currency manipulation" race.
China dropped the price of their currency to an almost a historic low. It’s called “currency manipulation.” Are you listening Federal Reserve? This is a major violation which will greatly weaken China over time!— Donald J. Trump (@realDonaldTrump) August 5, 2019
Based on the historic currency manipulation by China, it is now even more obvious to everyone that Americans are not paying for the Tariffs – they are being paid for compliments of China, and the U.S. is taking in tens of Billions of Dollars! China has always....— Donald J. Trump (@realDonaldTrump) August 5, 2019
....used currency manipulation to steal our businesses and factories, hurt our jobs, depress our workers’ wages and harm our farmers’ prices. Not anymore!— Donald J. Trump (@realDonaldTrump) August 5, 2019
China is intent on continuing to receive the hundreds of Billions of Dollars they have been taking from the U.S. with unfair trade practices and currency manipulation. So one-sided, it should have been stopped many years ago!— Donald J. Trump (@realDonaldTrump) August 5, 2019
China's central bank has confirmed that it is, indeed, on, saying that it is able to keep the yuan exchange rate at a reasonable and balanced level - whatever that means - while acknowledging that the Yuan plunging beyond 7 per dollar is due to market supply and demand, trade protectionism and expectations on additional tariffs on Chinese goods.
Even Trump's political rivals have backed up his criticism. President Trump "should finally tell his Treasury secretary to label China a currency manipulator. That’s all he needs to do to make it happen," the top Senate Democrat, Chuck Schumer, said in emailed statement.
"China has been manipulating their currency long-before and since President Trump took office."
However, for all the air time and public discussion devoted to mass shootings in the US, nearly all people murdered in the US this year will be murdered the "old fashioned" way. They'll be murdered by a family member or a jilted lover or by some street thug looking to score some cash to pay for a drug fix. Most Americans murdered this year will be victims of the sort we see in Baltimore where ordinary murders of the non-mass-shooting variety continue to wreak havoc on the local population. These murders won't be any less tragic than murders from mass shootings. But you won't hear nearly as much about them as you'll hear about the mass shootings.