New Delhi: The US and China trade are badly entangled with each other in the war. Day in and day out, the two countries continue to impose tariffs on each other's products. This time, the US has accused China of deliberately weakening its currency yuan to gain unfair competition in trade and put China on the list of currency manipulators. But China has strongly opposed it. Washington reacted strongly to the sharp fall in the Chinese currency yuan.
"The U.S. has accused Beijing of manipulating the currency, we strongly oppose it," the People's Bank of China (PBOC) said Tuesday. The PBOC managed to hold the yuan after Monday's steep fall, but the stock market continued to fall.
The United States on Monday night officially added China to the list of currency manipulators. Washington has accused China of using the yuan to take advantage of unfair competition in business. China's response to this has raised the possibility of further deepening the ongoing confrontation between the world's two largest economies on the trade front. The growing trade trade between the two countries could lead the world to a global recession.
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