China's official Communist Party newspaper said on Tuesday that the United ...
SHANGHAI/BEIJING - China’s official Communist Party newspaper said on Tuesday that the United States was “deliberately destroying international order”, a day after Washington branded Beijing a currency manipulator in a rapidly escalating trade dispute.
The dispute has already spread beyond tariffs to other areas such as technology, and analysts caution tit-for-tat measures could widen in scope and severity, weighing further on global economic growth. The announcement came hours after China let its yuan currency break through a key support level to an 11-year low, in a sign Beijing might be willing to tolerate more currency weakness as Washington threatens to impose more tariffs.
“Naming China a currency manipulator could open the door for U.S. tariffs to eventually increase to more than 25% on Chinese goods,” according to a note from DBS Group Research. “In a strict sense, it’s baseless for the U.S. side to determine that there was exchange rate manipulation based on the change in the exchange rate of the RMB on a single day,” said Zhang Anyuan, Chief Economist at China Securities.
Shares in some of China’s rare earth-related firms surged on Tuesday amid speculation the sector could be the next front in the trade war.Beijing in June issued a travel advisory warning Chinese tourists about the risks of traveling to the United States, citing concerns about gun violence, robberies and thefts.
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