Why the US has changed its tune on the yuan

A funny thing happened in the US on Thursday night. Steve Mnuchin, the US Treasury Secretary, testifying in a senate banking committee hearing, said something positive about China. In response to a question from the floor about why the US has yet to name China a currency manipulator - an often repeated vow made by President Trump on the campaign trail - Mr Mnuchin responded that recently, "China has used its currency reserves to go in the other direction which is actually good for American workers". Think about that for a second. China has gone from being evil-incarnate to now suddenly being quite "good" for American workers. So what's caused this change of heart? Read more