The Trump administration labelled China a “currency manipulator” after the Chinese central bank allowed the renminbi to fall below a key threshold, marking a dramatic escalation in the trade war between the two economic powers.
The US Treasury unveiled its decision after financial markets closed on Monday. It came just hours after President Donald Trump again accused China of weakening its currency to create an unfair trade advantage.
The Treasury designation was seen by analysts as a largely symbolic move that would serve as a political justification for more tariffs.
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