Washington’s decision to ratchet up currency tensions on Monday would also “prevent a global economic and trade recovery,” the People’s Bank of China (PBOC) said in the country’s first official response to the latest U.S. salvo in the two sides’ rapidly escalating trade war.
China “has not used and will not use the exchange rate as a tool to deal with trade disputes,” the PBOC said in a statement on its website.
“China advised the United States to rein in its horse before the precipice, and be aware of its errors, and turn back from the
wrong path,” it said.
The U.S. currency accusation, which followed a sharp slide in the yuan on Monday, has driven an even bigger wedge between the world’s largest economies and crushed any lingering hopes for a quick resolution to their year-long trade war.
The dispute has already spread beyond tariffs to other areas such as technology, and analysts caution tit-for-tat measures could widen in scope and severity, weighing further on business confidence and global economic growth.
The U.S. Treasury Department said on Monday it had determined for the first time since 1994 that China was manipulating its currency, taking their trade dispute beyond tariffs.
Bring it on!! God has not only blessed America with natural resources but also the resolve and ability to produce quality products. How do we benefit with any trade deal that is not fair. Don't drink the cool aid.
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