Trump administration backs down from designating China as a currency manipulator: report
US President Donald Trump and Chinese President Xi Jinping (R) held talks at the G20 summit in Germany (AFP Photo/SAUL LOEB)

On Monday, Axios reported that President Donald Trump's Treasury Department will remove China from the list of countries designated as currency manipulators.

"China has made enforceable commitments to refrain from competitive devaluation, while promoting transparency and accountability," said Treasury Secretary Steve Mnuchin.

China was first added to the list of currency manipulators in August, after the yuan dropped below a 7-to-1 dollar ratio. The designation had apparent political motivations, as China did not meet all the typical standards of currency manipulation — but it tracked with Trump's long-standing public attacks on China's currency practices, and served to escalate trade tensions between the two nations.

According to Axios, China will still be included on a "monitoring list" of countries, "including Germany, Ireland, Italy, Japan, South Korea, Malaysia, Singapore, Switzerland and Vietnam."