US Treasury designates China a currency manipulator

Renminbi crosses barrier of seven yuan per US dollar amid trade tensions on August 5

renminbi-notes
Renminbi depreciates: on August 5, the PBoC said the currency’s fall is the result of trade sanctions

The US Department of the Treasury designated China a currency manipulator on August 5, amid growing trade tensions between the world’s two largest economies.

On August 5, the Chinese renminbi depreciated to reach seven yuan per US dollar for the first time since May 2008. This followed failed negotiations over the weekend between US and Chinese officials to reconfigure trade relations between both countries. One observer said the move was likely to prove largely a matter of show, but the

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