US formally designates China a 'currency manipulator'

Washington: The United States on Monday formally named China a currency manipulator, accusing Beijing of weakening the yuan as the two countries’ trade war escalates.

The move came has China earlier on Monday allowed its currency to fall to its weakest levels against the dollar in about a decade, prompting irate Twitter outbursts from President Donald Trump.

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.