China's central bank said on Tuesday that Washington's decision to lab...
BEIJING/SHANGHAI - China’s central bank said on Tuesday that Washington’s decision to label Beijing as a currency manipulator would “severely damage international financial order and cause chaos in financial markets”.
“China advised the United States to rein in its horse before the precipice, and be aware of its errors, and turn back from the wrong path,” it said. The department referred to a PBOC statement on Monday as an open acknowledgement that it “has extensive experience manipulating its currency and remains prepared to do so on an ongoing basis.”The U.S. decision was driven purely by political motive to “vent its anger”, said Global Times, an influential Chinese tabloid published by the ruling Communist Party’s People’s Daily.
After the labeling, it’s possible Washington “will introduce punishing measures that go beyond existing understanding of the situation,” Zhang said.Chinese state media had warned that Beijing could use its dominant position as a rare earths exporter to the United States as leverage in the trade dispute. The materials are used in everything from military equipment to high-tech consumer electronics.
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