According to John Rutledge, ‘who was one of the principal architects of President Ronald Reagan’s economic plan,’ the Chinese are not “the grand champions of currency manipulation” Donald Trump says they are.
“Trump is an idiot on this. He has no clue what currency manipulation means,” the chief investment officer of global investment firm Safanad said in an interview with “Closing Bell.”
During the campaign, Trump accused China of keeping its yuan currency artificially low against the U.S. dollar to make Chinese exports cheaper, “stealing” American manufacturing jobs.
To the contrary, according to Rutledge, China has “sold a trillion dollars’ worth of foreign reserves in the last year to support their currency that’s trying to fall because Chinese nationals are trying to get their money out of China,” he said. “That is anti-manipulation.”