Trump and Chinese President Xi Jingping. Photo: BRENDAN SMIALOWSKI/AFP via Getty Images.

The Treasury Department announced Monday that China will no longer be designated as a currency manipulator, just two days before President Trump and Vice Premier Liu He are set to sign "phase one" of a long-awaited trade deal, CNBC reports.

Why it matters, per Axios' Felix Salmon: China never fit the textbook definition of being a currency manipulator. The decision to apply the label was a political one — as was the decision to remove it.

The big picture: China was added to the list just five months ago after its government allowed the yuan to slip below a 7-to-1 dollar ratio for the first time in over a decade. The move was largely symbolic, but helped ratchet up trade tensions between the two countries.

  • China will now be moved to the "monitoring list," joining nine other countries including Germany, Ireland, Italy, Japan, South Korea, Malaysia, Singapore, Switzerland and Vietnam.
  • Treasury Secretary Steven Mnuchin said in a statement: "China has made enforceable commitments to refrain from competitive devaluation, while promoting transparency and accountability."

Go deeper: The stakes of a swift U.S.-China decoupling

Go deeper

Washington Redskins will change team name

Photo: Patrick McDermott/Getty Images

The Washington Redskins announced Monday that the NFL team plans to change its name.

Why it matters: It brings an end to decades of debate around the name — considered by many to be racist toward Native Americans. The change was jumpstarted by nationwide protests against systemic racism in the U.S. this summer.

Houston public health system CEO says coronavirus situation is "dire"

Houston's coronavirus situation is "dire, and it's getting worse, seems like, every day," Harris Health System CEO and President Dr. Esmail Porsa said Monday on MSNBC's "Morning Joe."

The big picture: Porsa said the region is seeing numbers related to the spread of the virus that are "disproportionately higher than anything we have experienced in the past." He noted that Lyndon B. Johnson Hospital's ICU is at 113% capacity, and 75% of its beds are coronavirus patients.

Fund managers start to board the stock bandwagon

Illustration: Aïda Amer/Axios

Asset managers at major U.S. investment firms are starting to get bullish with their clients, encouraging stock buying and trying not to get left behind right as the metrics on tech stocks rise back to highs not seen since the dot-com crash of 2000.

What's happening: Appetite for stocks is starting to return, but slowly as institutional money managers were overwhelmingly sitting on the sidelines in cash during April and May.