US Treasury Secretary Steven Mnuchin at the White House. The Treasury Department’s labelling of China as a currency manipulator for the first time since 1994 marked a significant escalation in the trade war and roiled global markets. Photo: Xinhua

China hits back at ‘currency manipulator’ label as Donald Trump ratchets up US trade war

  • The People’s Bank of China called the United States’ move to label China a currency manipulator ‘wilful unilateral and protectionist behaviour’
  • Markets slid on the potential further escalation in US-China tensions, with analysts predicting more tariffs to come
Topic |   Currency war

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US Treasury Secretary Steven Mnuchin at the White House. The Treasury Department’s labelling of China as a currency manipulator for the first time since 1994 marked a significant escalation in the trade war and roiled global markets. Photo: Xinhua
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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

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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