US labels China a currency manipulator as tensions flare

First such move since 1994 fulfills Trump campaign promise and comes as stock markets fall The US has labeled China a currency manipulator, in a move that brings already tense relations between the two countries to a boil. On Monday, the US treasury secretary, Steven Mnuchin, accused China of manipulating its currency to gain unfair competitive advantage in international trade. The US will now ask the International Monetary Fund to eliminate the unfair competitive advantage created by Chinas latest actions. It is the first such move since 1994 and came as international stock markets fell on fears of an escalation in the simmering conflict between the two trading superpowers. China allowChinese authorities dispute. The sharp 1.4% drop in the yuan …