On Monday, US President Donald Trump has condemned China’s move to devalue the yuan calling it “currency manipulation” and claiming that this will significantly weaken Beijing.

China’s Central Bank has lambasted Washington describing China as a country manipulating with currency.

“The US side disregarded the facts and unreasonably labelled China a ‘currency manipulator’. The Chinese side is resolutely opposed to this”, the bank underscored.

The statement added that the US’ label is out of line with the “quantitative criteria set by the US Treasury itself for so-called ‘exchange rate manipulators’ and is wayward unilateralism and protectionism”.

The statement comes after United States Secretary of the Treasury Steve Mnuchin announced on Monday that the US has designated China as a “currency manipulator”.

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