Bessent Suggests Acceptance of Yuan Exchange Rate Versus Dollar

US Treasury Secretary Scott Bessent suggested he’s fine with how China’s yuan has moved against the dollar this year, while pointing out its depreciation against the euro presents a challenge for European economies.

“Well, they haven’t done it to the US,” Bessent said of descriptions of China having engaged in “opportunistic devaluation” this year. “The RMB is actually stronger this year versus the dollar,” he said, referring to the renminbi, China’s official name for its currency. “It’s at an all-time low versus the euro, which is a problem for the Europeans.”

The yuan is up about 3% so ...