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US labelling China 'currency manipulator' to shake global financial markets - People's Bank of China US labeling China ‘currency manipulator’ will shake global financial markets – China’s central bank
(32 minutes later)
China’s central bank has warned that the US decision to designate China a 'currency manipulator' harms international rules and will have tremendous consequences for global markets. The People's Bank of China warned on Tuesday that the US decision to designate Beijing a ‘currency manipulator’ harms international rules and will have tremendous consequences for global markets.
“This will not only seriously undermine the international financial order, but also trigger financial market turmoil,” the Chinese central bank said in a statement, as cited by Xinhua.
On Monday, Washington escalated the trade war with Beijing by accusing China of devaluating the yuan, after US stocks saw their biggest drop in a year.
After the yuan plunged on Monday, US President Donald Trump accused Beijing of deliberate manipulation of its currency, reportedly in response to the latest tariff threats from Washington.
Shortly after Trump’s furious tweets, the US Treasury officially labeled China a “currency manipulator.” The move triggers a set of measures mandated under the Omnibus Trade and Competitiveness Act of 1988, including a complaint to the International Monetary Fund (IMF).
The People’s Bank of China refuted Washington’s accusations on Tuesday, calling the US’ actions “unilateral” and “protectionist.” It argued that Beijing has not and will not weaponize the yuan in the trade war with the US.
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