But President Donald Trump gave investors little time for respite, accusing Russia and
China of currency manipulation in a tweet Monday, while also lambasting the Federal Reserve for raising rates.
At D.F.S. he won major settlements — a boon to the state budget — by threatening to poll the New York charter of overseas banks that were
accused of currency manipulation and violating trade sanctions.
While Beijing has allowed the renminbi to weaken over the last 18 months, it doesn't want a disorderly rout that would both trigger panic at home and invite fresh accusations
of currency manipulation from the new U.S. President.
If true, this is the same
type of currency manipulation that the US accuses China of committing by pegging the undervalued yuan to the sinking dollar.
As one of the president's closest advisers, he could have input on a wide range of issues affecting China, from national security concerns and territorial disputes to trade matters and
allegations of currency manipulation.