US officially labels China a 'currency manipulator'
China dropped the price of their currency to an almost a historic low. It’s called “currency manipulation.” Are you listening Federal Reserve? This is a major violation which will greatly weaken China over time!The move is largely symbolic because the US is already engaged in trade discussions with China and has implemented tariffs on the country's imports.
The decision is likely to increase stock market jitters after sharp falls across the US and Europe on Monday. Wall Street's main stock market indexesThe US defines currency manipulation as when"countries manipulate the rate of exchange between their currency and the United States dollar for purposes of preventing effective balance of payments adjustment or gaining unfair competitive advantage in international trade".
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