US' change to currency tack will pay dividends for ties

US President Donald Trump's decision not to label China a currency manipulator is a positive step in the two sides' efforts to enhance bilateral cooperation. It provides further proof that China and the United States are warming to each other after the meeting between President Xi Jinping and Trump at Mar-a-Lago, Florida, on April 6-7.

On Wednesday, Trump backed away from his campaign promise that he will name China a currency manipulator as one of his first acts in office. The US Treasury Department also confirmed that its semi-annual report on currency practices of major trading partners, due out later this month, will refrain from doing so as well.

The US stance immediately won approval from Beijing, which said it will contribute to the healthy development of two-way trade and investment.