The US Treasury Department removed the Chinese name from the currency manipulation list it imposed last year to reduce tensions before signing the deal.

In a report to Congress on January 13, the US Treasury Department said the yuan had strengthened and China was no longer the currency manipulator at this time.

"China has made enforceable commitments to curb competitive depreciation and not use exchange rates for competition purposes," the US Treasury Department said. "However, China needs to take decisive steps to prevent the currency from continuously weakening and allow the opening of larger markets to strengthen the long-term growth prospects."

The decision was made just two days before the US-China agreement signed a "first-stage" trade agreement after 18 months of imposition of a tit-for-tat tax, which had a major impact on global growth. A senior Chinese delegation arrived in Washington to prepare to sign the agreement.

As reported by the US Treasury Department, China also agreed to publish relevant data on exchange rates and foreign balance (balance of payments balance) as part of the trade agreement "phase one. ".

The US Treasury Department announced in August that China manipulated the currency by lowering the yuan exchange rate to its lowest level in more than a decade. This is the first time since 1994 that the United States has determined that China manipulates currencies, accusing Beijing of giving an unfair competitive advantage. US President Donald Trump then condemned China for devaluing its currency "to steal American businesses and factories".