Manipulator label untrue, Beijing says

Ex-treasury secretary calls Washington moves on renminbi counterproductive

The State Administration of Foreign Exchange, the country's foreign exchange regulator, said on Wednesday that the United States labeling China as a currency manipulator "is completely the opposite of the truth, and the action simply doesn't hold water".

Former US treasury secretary Lawrence Summers criticized on Tuesday the Trump administration's decision to label China as a "currency manipulator" and said Treasury Secretary Steven Mnuchin has "damaged his credibility and that of his office" by doing so.