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Home / Business / US labeling China 'currency manipulator' will shake global financial markets – China's central bank – RT Business News

US labeling China 'currency manipulator' will shake global financial markets – China's central bank – RT Business News



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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9 [19659006] After the yuan plunged on Monday, US President Donald Trump accused Beijing of deliberate currency manipulation, allegedly in response to the latest Washington Customs threats.

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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