President Trump says China and Russian Federation are playing games with their currencies.
"Over 2017, the Chinese currency generally moved against the dollar in a direction that should, all else equal, help reduce China's trade surplus with the United States; however, on a broad, trade-weighted basis, the renminbi (China's currency) was broadly unchanged on net over 2017", the Treasury found.
Russian Federation has increased buying of foreign currencies this year but the reason the ruble has been beaten up lately is because of United States sanctions.
Mr Trump said: "Russia and China are playing the Currency Devaluation game as the US keeps raising interest rates. China has devalued their currency in the past", Mnuchin said.
The US President's statement is a reference to what he regards as an unfair commercial advantage - if the currency of a country is artificially lowered, its exports are more competitive.
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More widely, the US dollar index, which measures the greenback's value against a basket of major trading partner currencies, has declined by 11.2 percent since Trump became President.
In its half-annual report, the US Treasury Department has again refrained from defining some of its major trading partners as a currency manipulator. The president once threatened China with a 45 percent tariff on imports of Chinese goods and notably levied 25 percent tariffs on roughly 1,300 Chinese goods, worth approximately $50 billion, in early April. "That's something that the Treasury Department is watching very closely and we're continuing to monitor it", she said Monday.
White House Press Secretary Sarah Sanders said the administration is closely watching China's currency practices.
Germany, Japan, Korea, and Switzerland also remain on the "monitoring list", while India was added in the latest report.
Against the yuan, the dollar has fallen by 8.6 percent since January 20, 2017, while it has appreciated 4.5 percent against the ruble.