Monday represented the first time the yuan had fallen below the psychologically important level of 7 to the US dollar since 2008. Photo: Xinhua

China says ‘no such thing’ as currency manipulation despite US claim it depreciated yuan exchange rate

  • US Treasury declared China a ‘currency manipulator’ on Monday after the yuan fell below the key threshold of 7 to the US dollar for the first time since 2008
  • People’s Bank of China says it has ‘refused to engage in a competitive devaluation’ despite the year-long trade war with the United States
Topic |   Currency war

TOP PICKS

Monday represented the first time the yuan had fallen below the psychologically important level of 7 to the US dollar since 2008. Photo: Xinhua
READ FULL ARTICLE
Yu Yongding is a fellow at the Chinese Academy of Social Sciences, who consults Beijing on exchange rate policy. Photo: Bloomberg

US labelling China currency manipulator is ‘absurd’, threatens global recession, warns adviser

  • Yu Yongding, a fellow at the Chinese Academy of Social Sciences, said that the ‘US is trying to start a currency war’
  • US Treasury Department made the decision after the yuan weakened below 7 to the US dollar on Monday
Topic |   Currency war

TOP PICKS

Yu Yongding is a fellow at the Chinese Academy of Social Sciences, who consults Beijing on exchange rate policy. Photo: Bloomberg
READ FULL ARTICLE