Here's how China responded to the U.S. after the Treasury designated Beijing as a currency manipulator.
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. A drop in a currency's value makes that country's products cheaper on the international market. The PBOC said it would not only "seriously undermine the international financial order, but also trigger financial market turmoil. It will also greatly hinder international trade and the global economic recovery, and ultimately will suffer from it."The move, initially rocked by fears the U.S.-China trade war was devolving into a currency war.
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.
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