People's Bank of China warned on Tuesday that the US decision to designate Beijing as a "currency manipulator" violates international rules and will have enormous consequences for global markets.
"This will not only seriously undermine the international economic order, but also trigger financial market turmoil," said the Chinese central bank in a statement, quoted by Xinhua.
On Monday, Washington escalated trade war with Beijing by accusing China of devaluing the yuan after US equities saw its biggest fall in a year.
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The US Treasury declares China's "currency manipulator" after suffering the worst day of 201
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 (I MF).
The People's Bank of China rejected Washington's charges on Tuesday, calling the United States actions "one-sided" and "protectionist." It claimed that Beijing does not have and will not arm the yuan in the trade war with the United States.
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