WASHINGTON — The Treasury Department declined to name China a currency manipulator on Thursday in its biannual report on foreign exchange rates.
China said last month it would move toward a more flexible exchange rate for the yuan, following months of increasing tensions with the U.S. over its currency policies. The exchange rate report was originally due to be released in April, but the Treasury Department delayed it for three months to allow for diplomatic engagement between the two countries at the G-20 meeting in Toronto last month and the Strategic and Economic Dialog in May.
“What matters is how far and how fast the renminbi [yuan] appreciates,” said Treasury Secretary Timothy Geithner on Thursday. “We will closely and regularly monitor the appreciation of the renminbi [yuan] and will continue to work towards expanded U.S. export opportunities in China that support employment in the United States, in close consultation with Congress.”
Critics charge the yuan is undervalued by as much as 40 percent, which makes China’s exports cheaper and puts U.S. produced goods at a competitive disadvantage. U.S. textile producers have long called for China to allow the yuan to appreciate, arguing that it gives Chinese producers an unfair advantage. U.S. lawmakers have also pressured China to address currency concerns by calling for punitive action. Sen. Charles Schumer (D., N.Y.) has said he will move legislation imposing punitive tariffs on imports from countries that are found to be manipulating their currency by not allowing it to appreciate.
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For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
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Only three months after her stellar debut catwalk season, @kaiagerber has inked her first big design collaboration –– with @karllagerfeld. The collection blends Lagerfeld’s Parisian chic aesthetic and the model’s signature West Coast casual style via RTW, accessories, footwear and more. The #KarlLagerfeldxKaia collection will launch in September with a series of events. Get all the details on WWD.com. #wwdnews #wwdfashion
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews