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US Designates China as Currency Manipulator

Reuters

   WASHINGTON - The U.S. government has determined that China is
   manipulating its currency, and will engage with the International
   Monetary Fund to eliminate unfair competition from Beijing, U.S.
   Treasury Secretary Steven Mnuchin said in a statement on Monday.

   China let the yuan weaken past the key 7-per-dollar level on Monday for
   the first time in more than a decade and later said it would stop
   buying U.S. agricultural products, inflaming a worsening trade war with
   the United States.

   The sharp 1.4% drop in the yuan comes days after U.S. President Donald
   Trump stunned financial markets by vowing to impose 10% tariffs on the
   remaining $300 billion of Chinese imports from Sept. 1, abruptly
   breaking a brief ceasefire in a bruising trade war that has disrupted
   global supply chains and slowed growth.

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