China's official Communist Party newspaper said on Tuesday the United State...
SHANGHAI/BEIJING - China’s official Communist Party newspaper said on Tuesday the United States was “deliberately destroying international order”, a day after Washington branded Beijing a currency manipulator in a rapidly escalating trade dispute.
The U.S. Treasury Department said on Monday that it had determined for the first time since 1994 that China was manipulating its currency, taking the countries’ year-long trade war into uncharted territory and adding to frenzied selling in global financial markets. The latest U.S. move came less than three weeks after the International Monetary Fund said the yuan’s value was in line with China’s economic fundamentals, while the U.S. dollar was overvalued by 6% to 12%.
The China Daily said in an editorial on Tuesday that the yuan was weak as a result of “unilateral and protectionist moves by the U.S. government” and said long-term exchange rates were decided by “economic fundamentals”. Trump had earlier declared China’s currency move to be “a major violation”, and analysts said it is likely the White House pressured the Treasury Department to issue the designation.
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