US officially labels China a 'currency manipulator'

BBC

6th August, 2019 11:48:53 printer

US officially labels China a 'currency manipulator'

The US has officially named China as a "currency manipulator", a statement which will intensify tensions between the world's two largest economies.

The announcement by the US Treasury follows a sharp fall in the value of the Chinese yuan against the dollar.

The drop caught markets off-guard as Beijing usually supports the currency.

Last week, China pledged to retaliate after US President Donald Trump vowed to impose 10% tariffs on $300bn (£246.7bn) of Chinese imports.

On Monday, the yuan passed the seven-per-dollar level for the first time since 2008, prompting Mr Trump to accuse China on Twitter of manipulating its currency.


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