It comes after U.S. and Asian stocks dropped sharply earlier on Tuesday, after the U.S. officially branded China a 'currency manipulator.'
: Stocks across the U.S. and Asia are stabilizing after falling sharply on Tuesday in response to the U.S. officially branded China as a currency manipulator. It came after China's central bank allowed the yuan to fall to its lowest level in 11 years following President Donald Trump's threat last week to impose billions in new tariffs.
Treasury Secretary Steven Mnuchin on Monday officially named China a currency manipulator, citing the nation's “long history” in intervening in the foreign exchange market with the aim of gaining an “unfair competitive advantage in international trade.” The Treasury Department added that the move was a violation of China's G20 commitment to halt currency devaluation.
China rejected accusations that it was manipulating its currency, also known as the renminbi, and on Tuesday moved to stem the fall of its currency against the dollar.reports that the People’s Bank of China set the yuan fixing point against the dollar than expected on Tuesday,
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China Box Office: ‘Nezha’ Is 10th-Highest Grosser Ever in China After Two WeekendsChinese animation “Nezha” has proven itself China’s surprise hit of the summer, and is on track outstrip “Avengers: Endgame” to become China’s third highest-ever grossing film. It continued to smas…
Read more »
Philippines' Duterte plans China visit to discuss South China Sea rulingPhilippine President Rodrigo Duterte will soon meet his Chinese counterpart Xi J...
Read more »
With Currency Manipulator Label, China Trade War Moves Into Unchartered WatersTreasury labels China a currency manipulator. 'We just threw gasoline on the fire.'
Read more »
Global Stock Markets Crater On China Angst As U.S. Sees Sharp One-Day DropsStock markets in the U.S. slumped badly Monday, notching some of their worst single-day declines of 2019, during a global market correction spurred by increasing anxiety about U.S.-China trade rela…
Read more »
Stock Markets Plunge In Response To ChinaThe stock market tumbled today in response to the Chinese yuan falling to its lowest value in 10 years, an event President Trump called “currency manipulation” by lisettevoytko
Read more »
Stock Markets Plunge In Response To ChinaChina’s currency fell to a 10-year low Monday.
Read more »