WASHINGTON: Tensions between the two powerful countries of the world, the US and China, are deepening. The US has now taken a major step against China after the failed trade talks between the two countries. The US move is also likely to have an impact on other countries around the world, including India. In fact, the US has officially declared China a currency manipulator. The U.S. alleges that China uses its currency "yuan" for trade advantages.

A statement issued by the U.S. Department of Finance said that Finance Minister Steven Nuchin has declared China as a currency manipulator at the behest of U.S. President Donald Trump. Remarkably, this is the first time in nearly 25 years that such action has been taken by the U.S. side on China's currency. Earlier in 1994, the US had taken this kind of action on China.

The move comes after the US allowed the Chinese side to keep its currency yuan below the 7 level against the dollar. U.S. President Donald Trump has been accusing China of depreciating its currency from the beginning to boost exports. If a country reduces the value of its currency against the currency of another country, it is called depreciation. Depreciation in currency also harms the economy of other countries.

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