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Chinese Currency Devaluation angers Trump

Donald Trump, who is the current Republican frontrunner for the 2016 presidential election, criticized Beijing for devaluing the yuan.

“They’re just destroying us,” Trump said, according to Reuters.

“They keep devaluing their currency until they get it right,” he said. “They’re doing a big cut to the yuan, and that’s going to be devastating for us.

For the second straight day, officials in China have cut the rate for the yuan, cutting it 1.6%.

The Treasury released a statement saying:

“We will continue to monitor how these changes are implemented and continue to press China on the pace of its reforms, including additional measures to transition to a market-oriented exchange rate and its stated desire to move toward an economy that is more dependent on domestic demand, which is in China and America’s best interests.”

Members of Congress are pushing for enforceable currency manipulation to be put into trading agreements.

President Obama may raise this issue with Chinese President Xi Jinping when the two meet in Washington D.C. next month.