BEIJING/NEW YORK/TOKYO -- The U.S. Treasury Department designated China a currency manipulator for the first time since 1994, after Beijing let the yuan depreciate Monday, marking an escalation of the trade war.
The drop in the yuan's value on Monday triggered a harsh rebuke from U.S. President Donald Trump, and a sharp sell-off on Wall Street, as speculation grows that Beijing is intervening in the currency market to lift flagging exports.
