The US and China lurched closer towards a currency war after the Trump administration formally accused Beijing of manipulating markets, opening the door to more economic warfare.
After the worst day of trading on global markets in 18 months, a tentative rebound in stocks faltered as tensions between the world’s two largest economies threatened to boil over. The US officially labelled China a “currency manipulator” for the first time since 1994 after Beijing allowed the yuan to slide below a crucial mark on Monday to an 11-year low.
The US Treasury said China had devalued its currency to “gain an unfair competitive advantage in international trade” as Beijing looks to offset the impact of Donald…
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