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Chinese central bank warns US branding China 'currency manipulator' to hurt global economy

The People’s Bank of China said that "such unilateral behavior of the US undermines the multilateral consensus on key currency issues"

© Artyom Ivanov/TASS

MOSCOW, August 6. /TASS/. The decision taken by the United States to categorize China as a currency manipulator will adversely affect the recovery of the global economy and the world’s financial system, the People’s Bank of China says in its statement released on Tuesday.

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"Such actions will not merely inflict serious harm on the international financial order and lead to turbulence on the financial market, but will also significantly hinder recovery of the global economy and international trade. The US will eventually bear consequences of their actions," the bank said.

"Such unilateral behavior of the US undermines the multilateral consensus on key currency issues," the People’s Bank of China noted. "China urges the US to return to the right path and be fair," the statement added. "In its turn, China will continue focusing on the floating exchange rate mechanism, keeping the rate of the yuan against the dollar at a reasonable and balanced level," the bank noted.

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