Trump accuses China of manipulating currency as yuan weakens

President Donald Trump accused China of manipulating its currency after Beijing let the yuan fall to a politically sensitive level against the US dollar for the first time in 11 years.

The move raised concern that China could use its currency as a weapon in a trade war with Washington.

"It's called 'currency manipulation'," Trump tweeted Monday morning, adding that, "This is a major violation which will greatly weaken China over time."
It appears "the currency is now also considered part of the arsenal to be drawn upon," Robert Carnell of ING said in a report. He said Monday's move might be part of "a concerted series of steps aimed at pushing back at the latest US tariffs."
A central bank statement Monday blamed "unilateralism and trade protectionism measures," a reference to Trump's tariff hikes. But it tried to play down the significance of "breaking seven."
The Treasury report in May urged Beijing to take steps "to avoid a persistently weak currency."