U.S. Says China Is No Longer a Currency Manipulator Exchange rate (U.S. dollars per yuan) + 0.32 China's designation as a currency manipulator has been officially removed S ua by the Trump administration. As part of a new trade deal, China and the United States agree they will not devalue their currencies to achieve trade advantages. 0.28- Source: nytimes.com, January 13, 2020 0.24 What was the exchange rate policy adopted by China until July 2005? Explain how it worked. 0.20- . . . does not interfere in ine foreign exchange market 0. 16- D. fixed; buys and sells U.S. dollar reserves to maintain the target exchange D rate 0.12+ 0 8 12 16 20 Quantity (trillions of yuan per year) The graph shows the foreign exchange market prior to any intervention by China. >>> Draw only the objects specified in the question. Draw a point at the equilibrium exchange rate and equilibrium quantity of yuan. Suppose that China's target exchange rate is 0.16 U.S. dollars per yuan. Draw a horizontal line at the target exchange rate. Label it