The trade war between the United States and China escalated further on Monday evening, when the U.S. Treasury Department designated China a currency manipulator after Beijing allowed its currency to slide to its lowest level in a decade.
The People's Bank of China, the country's central bank, said the yuan dropped due to President Trump's "unilateralism and trade protectionism measures and the imposition of increased tariffs on China." On Thursday, Trump said he would impose more tariffs on China, and in response, Chinese enterprises have stopped new purchases of U.S. farm goods, the state-run Xinhua News Agency said.
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