U.S. President Donald Trump has lashed out against China for manipulating its currency,... a move by Beijing that allowed the yuan to drop to a low not seen in more than a decade.
He also saved some fire for the Federal Reserve,... pushing the Fed to further cut rates.
Kim Hyo-sun tells us more.
As the Chinese yuan dropped to its lowest levels against the U.S. dollar in 11 years,... President Trump on Monday accused Beijing of manipulating its currency.
He said in a tweet that this is called (quote) "currency manipulation."
He also expressed his dissatisfaction in the U.S. Federal Reserve,... continuing to push the Fed to cut interest rates to weaken the strong dollar.
He also slammed China for stealing American businesses and factories, hurting American jobs,... through its currency manipulation.
The yuan dropped and crossed the psychologically sensitive level of seven to the U.S. greenback on Monday,... the lowest level since the global financial crisis in 2008.
His comments come less than three months after his own administration decided not to label China a currency manipulator.
They also come just days after Trump proposed an additional ten percent tariff on Chinese imports worth 300 billion dollars that would take effect on September 1st.
Analysts forecast China's currency drop could trigger an all-out currency war between Washington and Beijing.
Kim Hyo-sun, Arirang News.
