Article snippet: The Treasury Department on Monday labeled China a currency manipulator, escalating the U.S.-China trade war with a significant rebuke to Beijing. Treasury Secretary MORE designated China a currency-manipulating country a day after the nation’s central bank allowed the Chinese yuan to fall to a new low against the U.S. dollar. "Secretary Mnuchin, under the auspices of added to their heavy losses Monday after Treasury's announcement, with overnight trades setting up a 480-point drop for Tuesday morning. The Dow Jones Industrial Average and S&P 500 index fell close to 3 percent Monday, while the Nasdaq composite sunk almost 3.5 percent. The devaluation of the yuan reduces the relative price for Chinese goods purchased abroad, making U.S. products comparatively more expensive for foreign buyers. The People’s Bank of China (PBOC) typically holds the yuan within a certain stabilizing range, though the nation has long been accused of devaluing its currency to gain an edge in trade. The PBOC appeared to allow the yuan to fall Monday after intervening throughout the year to keep it closer to the dollar during trade talks with the U.S. Treasury's designation of China as a currency manipulator is largely symbolic for now since the U.S. cannot seek formal penalties until it attempts to work out a deal with Beijing. But the move is likely to raise trade tensions between the Trump administration and China, which are already at unprecedented highs. Trump announced last week... Link to the full article to read more