China is moving to stabilize the yuan after letting it weaken to an 11-year low
: Stocks across the U.S. and Asia are stabilizing after falling sharply on Tuesday in response to the U.S. officially branding 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 higher than expected on Tuesday,
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