US officially labels China a 'currency manipulator'
Posted on AllSides August 6th, 2019
From The Center
The US has officially named China as a "currency manipulator", a statement which will intensify tensions between the world's two largest economies.
The announcement by the US Treasury follows a sharp fall in the value of the Chinese yuan against the dollar.
The drop caught markets off-guard as Beijing usually supports the currency.
Last week, China pledged to retaliate after US President Donald Trump vowed to impose 10% tariffs on $300bn (£246.7bn) of Chinese imports.
On Monday, the yuan passed the seven-per-dollar level for the first time since 2008, prompting...
