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U.S. designates China a 'currency manipulator' as trade war rages

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Trump, in a Tweet, angrily accuses Beijing of weakening the yuan 'to steal our businesses and factories'.

WASHINGTON, DC, USA – The United States on Monday, August 5, formally accused China of manipulating its currency, marking the second major escalation in the two countries' spiraling trade war in just 24 hours.

US Treasury Secretary Steven Mnuchin,"under the auspices of President Trump, has today determined that China is a currency manipulator," the Treasury Department said in a statement late Monday. Chinese state media also announced Monday that Beijing had suspended purchases of American farm exports, piling pain on US agricultural states already battered by Beijing's retaliation in the trade war.

Activity in the US service sector hit a three-year low last month, survey data showed Monday, confirming a step-down in US economic growth.

 

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