A man walks past a money exchange shop decorated with different banknotes at Central, a business district in Hong Kong. Photo: AP
Tom Holland
Opinion

Opinion

Abacus by Tom Holland

The real danger behind US currency manipulation charges against China

  • Washington’s decision to slap the label on Beijing opens a new front in the simmering US-China cold war
  • In the long term, this is likely to accelerate the uncoupling between the world’s two largest economies, writes Tom Holland

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A man walks past a money exchange shop decorated with different banknotes at Central, a business district in Hong Kong. Photo: AP
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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
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