The response from the People's Bank of China comes at a time of rapidly intensifying tensions between the world's two largest economies.
Treasury's designation of Beijing as a currency manipulator, saying the accusation has "seriously" undermined the international financial order and risked further market turmoil.
The announcement followed a sharp drop in the yuan against the dollar, with the Chinese currency breaching the 7-per-dollar level for the first time since 2008. "The United States disregards the facts and unreasonably affixes China with the label of 'currency manipulators,' which is a behavior that harms others and oneself," the PBOC said in a statement on Tuesday, before adding: "The Chinese side firmly opposes this."
The next step is for the U.S. to make its case to the International Monetary Fund , but it's not likely to lead to formal penalties.and matters more as a slight to one of the United States' biggest creditors and an escalation in the trade war.
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