China responds to being called a ‘Currency Manipulator’ by US, devalues Yuan further | GNN HD News GNN - Pakistan's Largest News Portal

China responds to being called a ‘Currency Manipulator’ by US, devalues Yuan further

China responds to being called a ‘Currency Manipulator’ by US, devalues Yuan further
Tensions escalate as China-US trade war take new heights with China deliberately lowering Yuan in the international market prompting US to call it a “Currency Manipulator”.

The US has officially labeled China as a "currency manipulator" in a statement given by US Treasury Department.

The announcement by the US Treasury follows a further 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.

Reportedly, China's currency has weakened to its lowest point in more than a decade.