China's central bank set the midpoint exchange rate at 7.0211 on Monday, the third consecutive trading day that Beijing has set a rate weaker than 7 to the US dollar. Photo: AFP

China pledges not to devalue yuan exchange rate after US currency manipulator designation

  • The yuan was allowed to weaken beyond the key threshold of 7 to the US dollar last week for the first time in 11 years, drawing an unexpected response from Washington
  • Foreign exchange administration chief calls currency manipulator decision last week by US President Donald Trump ‘a ridiculous case in global finance history’
Topic |   Currency war

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China's central bank set the midpoint exchange rate at 7.0211 on Monday, the third consecutive trading day that Beijing has set a rate weaker than 7 to the US dollar. Photo: AFP
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Analysts have warned that a potential currency war could result in a global financial crisis and recession. Photo: Felix Wong

Is China’s ‘currency manipulator’ tag the start of a global recession, currency war?

  • China allowed the yuan to weaken below 7 to the dollar on Monday, raising fears of a financial crisis and global recession
  • The value of the yuan has been a key focus for US President Donald Trump during the trade war
Topic |   Currency war

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Analysts have warned that a potential currency war could result in a global financial crisis and recession. Photo: Felix Wong
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