Face of Nation : Volatility in China’s yuan since August is a normal market reaction to escalating trade frictions stoked by the United States and was caused, to some extent, by Washington’s decision to raise tariffs, a senior Chinese central bank official said.
Zhu Jun, director-general of the People’s Bank of China’s international department, made the comments on Saturday to a forum held in the northern Chinese province of Heilongjiang.
The U.S. Treasury Department on Monday labeled China a currency manipulator, hours after China let the yuan drop through a key support level to its lowest point in more than a decade. The moves jolted financial markets, fueling fears of a global currency war. U.S. President Donald Trump had vowed to impose a 10% tariff on $300 billion of Chinese imports from Sept. 1, ending a temporary truce and sharply escalating the trade dispute.
