US stocks plunged on Monday as investors worry that US President Donald Trump's threatened new tariffs on Chinese imports will worsen trade prospects. Photo: Xinhua

Global financial crisis, recession risks raised as US-China trade war tensions escalate over currency row

  • Former US Treasury Secretary Lawrence Summers says world at the ‘most dangerous financial moment’ since the 2009 global economy meltdown
  • Washington labelled China a ‘currency manipulator’ after the yuan exchange rate dropped to its lowest rate for 11 years on Monday
Topic |   Currency war

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US stocks plunged on Monday as investors worry that US President Donald Trump's threatened new tariffs on Chinese imports will worsen trade prospects. 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