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		</div><p>The US Treasury Department has labelled China a currency manipulator after Beijing pushed down the value of its yuan in a dramatic escalation of the trade conflict between the world’s two biggest economies.</p>
<p>The decision, which came hours after President Donald Trump accused China of unfairly devaluing its currency, marks a reversal for the Treasury. In May, it declined to sanction China for manipulating its currency.</p>
<p>The US has not put China on the currency blacklist since 1994.</p>
<p>The designation could pave the way for more sanctions against China.</p>
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<p>Earlier on Monday, China allowed its currency to weaken to an 11-year low, giving its exporters a price edge in world markets and easing some of the damage from US tariffs on Chinese products.</p>
<p>In a statement, the Treasury said it would work with the International Monetary Fund “to eliminate the unfair competitive advantage created by China’s latest actions”.</p>
<p>Mr Trump had gone on Twitter to denounce China’s move as “currency manipulation”, adding: <em>“This is a major violation which will greatly weaken China over time.”</em></p>
<p>China’s central bank sets the exchange rate each morning and allows the yuan to fluctuate by 2% against the dollar during the day. The central bank can buy or sell currency — or order commercial banks to do so — to dampen price movements.</p>
<p>China’s central bank blamed the yuan’s drop on “trade protectionism” — an apparent reference to Mr Trump’s threat last Thursday to impose tariffs on September 1 on $300bn (€268m) in Chinese imports to the US in addition to the $250bn (€223) he has already targeted.</p>
<p>For more than a year, the US and China have been locked in a trade war over allegations that Beijing steals trade secrets and pressures foreign companies to hand over technology.</p>
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