Chinese media: America "destroys the world order" after Beijing classified as manipulative currency
Chinese |
The United States is "deliberately destroying the world order," the official newspaper of the Communist Party of China (CPC) said Tuesday, a day after Washington branded Beijing a currency manipulator in a rapidly escalating trade war.
The accusation came after a sharp devaluation of the yuan on Monday, leading to a rift between the world's two largest economies and crushing any hopes of a quick solution to their two-year trade war.
The conflict has widened beyond customs duties to other areas such as technology, and analysts warn that reciprocal reprisals could widen in scope and intensity, further affecting the growth of the global economy.
In a stern editorial, the People's Daily said the United States was holding its citizens hostage without addressing the latest US decision.
The article states that the responsibility of large countries is to provide stability and tranquility to the world while at the same time creating conditions and opportunities for the common development of all countries.
"But some in the United States are doing the exact opposite."
The US Treasury Department announced on Monday that it had decided for the first time since 1994 to classify China as a currency manipulator to move the trade dispute into an ill-considered region and add to the overheating of global financial markets.
The announcement came hours after China allowed its currency to break an important support level to its lowest level in 11 years in a sign that Beijing may be willing to allow further yuan depreciation as Washington threatens to impose more tariffs.
The yuan fell 2.3 percent in three days since US President Donald Trump announced last week that he would impose a 10 percent tariff on Chinese imports worth $ 300 billion from Sept. 1.
But apparently settled on Tuesday amid signs the Chinese central bank may be considering a halt to the downturn, which has sparked fears of a global currency war.
* Other options to respond
The US decision to classify China as a currency manipulator less than three weeks after the International Monetary Fund (IMF) announced that the yuan is in line with China's core economic fundamentals, while the US dollar is six to 12 percent higher than its actual value.
US law sets three criteria for defining currency manipulation among key trading partners: a large surplus in the global current account, a large trade surplus with the United States and unilateral uninterrupted intervention in foreign exchange markets.
"It is absolutely meaningless for the US side to conclude that there is manipulation of the exchange rate based on the exchange rate of the renminbi in one day," said Zhang Anoyuan, chief economist at China Securities.
"Now that the classification has been made ... we do not rule out that the United States imposes punitive measures beyond the current understanding of the situation," he said.
Chinese media have warned that Beijing could exploit its dominant position as a source of rare earth metals to the United States as a point of strength in the trade dispute. These metals are used in almost everything from military equipment to high-tech consumer electronics.
In another sign of deteriorating relations, China's Ministry of Commerce announced on Monday that its companies had stopped buying US agricultural products in response to Washington's latest threat of customs duties.
* The yuan retreated
The yuan fell to a record low of 7.1397 yuan against the dollar on Tuesday before it halted its losses after China's central bank said it was selling dollar-denominated notes in Hong Kong in a move seen as aimed at curbing selling orders in the currency borrowing system.
The yuan also opened its intraday low on about 7.0699 yuan against the dollar and then stabilized.Although the central bank set a slightly higher benchmark rate than expected, the yuan remained at its lowest level since May 2008.
US Treasury Secretary Stephen Menuchin said the US government would consult with the International Monetary Fund to eliminate unfair competition from Beijing.
After classifying a state as manipulative in currency, the Treasury Department should call for private talks to correct any undervalued currency, with sanctions such as exclusion from US government procurement contracts.
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