US Treasury designates China a currency manipulator as trade war tensions escalate

The US has officially named China as a "currency manipulator" after the Chinese central bank allowed the renminbi to fall below a key threshold, as tensions between the world's two largest economies escalate. The People's Bank of China allowed its currency to fall below 7 yuan to the American dollar, which is considered to be a psychologically important marker, for the first time in a decade. The move was seen as a retaliatory measure following Trump's threat to slap a 10% tariff on $300bn...