PBOC: China not a 'currency manipulator'

Central bank criticizes the label as 'arbitrary', inconsistent with US Treasury's own criteria

China did not and will not use exchange rates as a measure to cope with trade disputes, and the United States labeling the country as a "currency manipulator" is inconsistent with the quantitative criteria set by the US Treasury itself, the central bank said on Tuesday.

"The US labeling is an arbitrary unilateral and protectionist practice, which seriously damages international rules and will significantly impact the global economy and financial markets," the People's Bank of China said in a statement, expressing deep regret over the US Treasury's decision.