August 6, 2019 9:25AM 

# What Is and Isn’t Currency Manipulation 

By [Daniel J. Ikenson](https://www.cato.org/people/daniel-j-ikenson) 

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Do you want to know what’s *not* currency manipulation? The People’s Bank of China observing the value of the yuan plummet as markets respond to Trump’s tariff frenzy is not currency manipulation.

Do you want to know what *is* currency manipulation? The president of the United States imploring the Federal Reserve chairman to lower interest rates for the distinct purpose of reducing the value of the dollar is currency manipulation.

For elaboration, please read my article on *Forbes*: [Trump and Bipartisan Majority in Congress Complicit in Chinese Currency Manipulation Canard](https://www.forbes.com/sites/danikenson/2019/08/06/trump-and-bipartisan-majority-in-congress-complicit-in-chinese-currency-manipulation-canard/#130f150f45e1).

##### Related Tags 

[Defense and Foreign Policy](https://www.cato.org/defense-foreign-policy), [Trade Policy](https://www.cato.org/trade-policy), [Herbert A. Stiefel Center for Trade Policy Studies](https://www.cato.org/herbert-stiefel-center-trade-policy-studies) 

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