China's yuan has continued its nosedive, weakening to 7.0488 to the US dollar on Wednesday, about 0.4 percent below its level late the previous day, APA reports citing Sputnik.
In a statement on 6 August the People's Bank of China (PBOC) slammed Washington's decision to designate China a “currency manipulator”.
China’s Central Bank set the opening level for trading 7 August at 6.9996 to the dollar, the lowest since 15 May 2008.
Earlier in the week financial markets tumbled as Beijing allowed the yuan to plummet to an 11-year low against the dollar.
In a statement on 6 August the People's Bank of China slammed Washington's decision to designate China as a currency manipulator as the Asian currency nosedived to its lowest-ever level, breaching the seven yuan-per-dollar threshold.
“The US side disregarded the facts and unreasonably labelled China a ‘currency manipulator’. The Chinese side is resolutely opposed to this”, the statement underscored.
The bank stressed that the decision would not only undermine the global financial order and "bring turmoil to the financial market", but would also damage the recovery of the global economy and trade.
On Monday, US President Donald Trump condemned China's move to devalue the yuan, calling it “currency manipulation” and claiming that this will significantly weaken Beijing.
The statement followed US Secretary of the Treasury Steve Mnuchin announcing on Monday that Washington had designated China a “currency manipulator”, citing alleged violations by Beijing and the PBOC of “China's G20 commitments to refrain from competitive devaluation”.
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