Intervention to support your currency isn't manipulation, Treasury secretary says


It just feels like manipulation. Are gold investors, mining companies, financial journalists, and "market analysts" getting the point yet? Will they ever ask about it?

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Mnuchin Says FX Tariff Push Isn't Shift to Weak Dollar Policy

By Saleha Mohsin
Bloomberg News
Saturday, June 8, 2019

U.S. Treasury Secretary Steven Mnuchin says currency policy can be an important tool to address trade imbalances, and that a recent proposal to tariff countries that engage in competitive devaluation doesn't represent a preference for a weak dollar.

The Trump administration last month signaled intent to turn the $5.1 trillion-a-day global currency market into the next battlefield of his trade war with a Commerce Department plan that would allow the U.S. to apply countervailing tariffs on nations seen to be actively driving down their currencies to boost exports.

... Dispatch continues below ...


Kinesis Engages Contis to Launch UK, European Debit Card for Its Digital Gold and Silver Currencies

Company Announcement
Tuesday, June 4, 2019

LONDON -- Today Kinesis Money announces the initiation of its U.K. and E.U. debit card program with Contis Group, the award-winning platform as a service that provides end-to-end banking and payments solutions. Kinesis has selected Contis for its European and UK debit card solutions and has officially started developments, scheduled for release in Q4.

The release of these euro- and pound-denominated debit cards will cement Kinesis' position in the market as a formidable global fintech player. The Kinesis debit card will allow Kinesis' clients in the U.K. and Europe to easily and efficiently use their Kinesis currencies to make purchases anywhere that has a merchant facility, as well as withdraw funds via global ATM networks. ...

... For the remainder of the announcement:

Rebutting the view that such a regulation would signal the Trump administration's shift toward a weak dollar policy, Mnuchin described it as "another important tool in the toolkit to make sure that we have fair and balanced trade." He spoke in an interview Saturday in Fukuoka, Japan, where he's meeting counterparts from the Group of 20 gathering of the world's major economies.

"Currency is now one of the issues we can look at in terms of subsidy," Mnuchin said, noting that the administration acknowledges the difference between monetary and currency policy. "You can intervene and support your currency -- that's not manipulation." ...

... For the remainder of the report:

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