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Trade war

Asia stocks slide after US labels China a currency manipulator

Yuan falls further as central bank sets reference rate at 11-year low

Spot rates for the yuan slid to 7.0536 against the dollar on Tuesday, as more investors sold the Chinese currency.    © Reuters

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.

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