The US Treasury Department designated China a “currency manipulator” on Monday after the yuan drastically dropped against the dollar amid an escalating trade war between Washington and Beijing.
In an annual review of China’s economic policies, released on Friday, the International Monetary Fund (IMF) stood by its asessment that the value of the yuan was “broadly in line” with economic fundamentals, thus questioning the Trump administration’s declaration that Beijing is manipulating its currency to gain “unfair competitive advantage in international trade”.