The response from the People's Bank of China comes at a time of rapidly intensifying tensions between the world's two largest economies.
Treasury's designation of Beijing as a currency manipulator, saying the accusation has "seriously" undermined the international financial order and risked further market turmoil.
The announcement followed a sharp drop in the yuan against the dollar, with the Chinese currency breaching the 7-per-dollar level for the first time since 2008. "The United States disregards the facts and unreasonably affixes China with the label of 'currency manipulators,' which is a behavior that harms others and oneself," the PBOC said in a statement on Tuesday, before adding: "The Chinese side firmly opposes this."
The next step is for the U.S. to make its case to the International Monetary Fund , but it's not likely to lead to formal penalties.and matters more as a slight to one of the United States' biggest creditors and an escalation in the trade war.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US Treasury designates China as a currency manipulatorChina added its currency to the weapons it is willing to use in the trade war, and now it's up to President Trump to make the next move.
Read more »
US Treasury Department labels China a currency manipulatorNEW: U.S. Treasury labels China a currency manipulator after Beijing pushed down the value of its yuan in a dramatic escalation of the trade conflict between the world's two biggest economies.
Read more »
US Treasury Department labels China a currency manipulatorWASHINGTON (AP) — The U.S. Treasury Department labeled China a currency manipulator Monday after Beijing pushed down the value of its yuan in a dramatic escalation of the trade conflict between...
Read more »
S&P 500 futures fall after U.S. Treasury calls China currency manipulatorS&P 500 futures dropped 1.2% late on Monday after the U.S. Treasury Department l...
Read more »
China is manipulating its currency, U.S. Treasury Department declaresThe U.S. Treasury Department designated China as a currency manipulator on Monday afternoon, after the yuan’s value against the dollar fell below a “line in...
Read more »
Treasury yields tick higher after US labels China a 'currency manipulator'U.S. government debt prices were lower Tuesday morning, as investors flocked to safer assets amid rapidly intensifying tensions between the world's two largest economies.
Read more »