Iran Press/Asia: China deeply regrets the US Treasury's decision to label China 'a currency manipulator,' the People's Bank of China said on Tuesday, Xinhua reported.
Such a label on China does not meet the quantitative criteria for the so-called 'currency manipulator' set by the US Treasury, the central bank said in a statement.
The US labeling is an arbitrary unilateral and protectionist practice, which seriously damages international rules and will significantly impact the global economy and financial markets, it said.
The US Treasury Secretary Steven Mnuchin announced in a statement after the markets closed that 'China is a Currency Manipulator', adding that it will work with the International Monetary Fund (IMF) 'to eliminate the unfair competitive advantage created by China’s latest actions'.
The US Treasury, which had previously held off labeling Beijing a currency manipulator, made the announcement after US stocks plummeted, the yuan weakened and Beijing announced that it would suspend purchases of US agricultural goods.
All three major US stock indices lost around 3 percent on Monday, putting them where they were a year ago. 104/208
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