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China's yuan steadies, but stocks slump as trade war engulfs currency
China’s tumbling yuan steadied on Tuesday as authorities took steps to contain its slide, while stocks tanked after Washington labeled Beijing a currency manipulator in a sharp escalation of Sino-U.S. trade tensions. The currency has slumped as much as 2.7% over the past three days, breaking through the symbolic 7-per-dollar level, pounding stocks and pushing bonds higher as investors feared the yuan’s value has become a new front in the trade war. Early in Asian trading hours, U.S. Treasury Secretary Steven Mnuchin said Washington would designate China a currency manipulator, its first such move since 1994, ... (full story)