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This will intensify already tense U.S. -China relations, which is the first time since 1994 that the United States has labelled China as a currency manipulator and fulfilled President Trump's promise.
On Monday, China let the renminbi break seven against the dollar for the first time in more than a decade. China's Ministry of Commerce says Chinese companies have suspended new U.S. agricultural purchases. A year-long trade war between China and the United States ignited a war.
Trump suddenly threatened to impose a 10% tariff on the remaining $300 billion of Chinese imports to the United States, shaking global financial markets, with the renminbi plunging 1.4% on Monday. Trade wars undermine global supply chains and slow economic growth.
The news sent the dollar down sharply and gold prices up.
The U.S. Treasury Department said Monday's statement by the People's Bank of China clearly shows that the Chinese authorities have sufficient control over the RMB exchange rate.
On Monday, the People's Bank of China said it would continue to take necessary and targeted measures in response to possible positive feedback in the foreign exchange market.
"The statement of the People's Bank of China is tantamount to a public recognition of its rich experience in manipulating the exchange rate and is ready to continue doing so," the statement of the U.S. Treasury Department said.

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