Donald Trump accused Beijing of “currency manipulation” after China allowed the renminbi to trade at its weakest level compared with the US dollar since the financial crisis.
The onshore exchange rate fell past Rmb7 per US dollar on Monday for the first time since May 2008, as prospects of a trade deal between Beijing and Washington faded.
The fall in the Chinese currency caused jitters across world markets and prompted the US president to tweet: “China dropped the price of their currency to an almost a historic low. It’s called ‘currency manipulation’. Are you listening Federal Reserve? This is a major violation which will greatly weaken China over time!”