US labels China a 'currency manipulator'; Beijing opposes move as 'wayward unilateralism'

The US has officially labelled China a "currency manipulator," accusing it of using the yuan to gain "unfair competitive advantage," a charge dismissed by Beijing as "wayward unilateralism and protectionist", further escalating the tense trade war between the world's two largest economies.

The Trump administration's move came as Beijing allowed its currency to fall below the politically sensitive level of seven yuan to the US dollar on Monday for the first time in 11 years and Chinese firms have reportedly stopped buying US farm produce.

During the 2016 presidential elections, President Donald Trump had promised to label China as a currency manipulator, but the Department of Treasury kept the country on its watchlist, declining to take the final step.

On Monday, the Treasury Department announced, "Secretary (Steven) Mnuchin, under the auspices of President Trump, has today determined that China is a 'Currency Manipulator'."
Earlier, Trump tweeted, "China is intent on continuing to receive the hundreds of Billions of Dollars they have been taking from the US with unfair trade practices and currency manipulation. So one-sided, it should have been stopped many years ago!"
The treasury referred to a statement by the People's Bank of China (PBOC) which noted that it "has accumulated rich experience and policy tools, and will continue to innovate and enrich the control toolbox, and take necessary and targeted measures against the positive feedback behaviour that may occur in the foreign exchange market."
On the development, Congressman Bradley Byrne said,"We cannot sit back and allow China to continue to take advantage of our country and put our workers at a disadvantage."