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China’s yuan exchange rate weakened below the psychologically important level of 7 to the US dollar in both onshore and offshore markets on Monday.US President Donald Trump said: “China dropped the price of their currency to an almost a historic low. It’s called “currency manipulation.” Are you listening [US] Federal Reserve? This is a major violation which will greatly weaken China over time!”The US TreasuryDepartment responded by declaringChina a ‘currency manipulator’.
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