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