The Trump administration labeled China a currency manipulator on Monday, after the renminbi fell beyond 7 per dollar.
The devaluation of yuan followed a threat by US President Donald Trump late last week that the US would impose another 300 billion US dollars in tariffs on Chinese imports. Beijing is also moving to stop the purchase of US farming products.
This represents the latest escalation in the trade tensions between the US and China that has unnerved global markets and investors.
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