US Treasury Department labels China a currency manipulator
FILE - In this June 10, 2019, file photo, a man walks past a money exchange shop decorated with different banknotes at Central, a business district of Hong Kong. The U.S. Treasury Department labeled China a currency manipulator Monday, Aug. 5, after Beijing pushed down the value of its yuan in a dramatic escalation of the trade conflict between the world's two biggest economies. (AP Photo/Kin Cheung, File)
WASHINGTON (AP) — The U.S. Treasury Department labeled China a currency manipulator Monday after Beijing pushed down the value of its yuan in a dramatic escalation of the trade conflict between the world's two biggest economies.
The decision, which came hours after President Donald Trump accused China of unfairly devaluing its currency, marks a reversal for Treasury: In May, it had declined to sanction China for manipulating its currency.
The U.S. had not put China on the currency blacklist since 1994.
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