China-US trade tensions are escalating as US Treasury Department labels China a currency manipulator on late Monday after Chinese yuan passes 7 per U.S. dollar.

China on Tuesday voiced strong opposition to the US decision, stressing that China has never resorted to competitive devaluation despite the ongoing trade war with the United States.

Dr. Zhou Mi, senior research fellow with Chinese Academy of International Trade and Economic Cooperation, gave a speech at a seminar about China-US economic and trade relations in Beijing on Tuesday. [Photo provided by China News Service to China Plus]

Dr. Zhou Mi, senior research fellow with Chinese Academy of International Trade and Economic Cooperation, gave a speech at a seminar about China-US economic and trade relations in Beijing on Tuesday. [Photo provided by China News Service to China Plus]

Some analysts say that weakening of the yuan was in retaliation to Washington’s latest tariff threat. Last week U.S. President Donald Trump announced to impose 10% tariffs on $300 billion of Chinese imported goods starting Sept. 1.

For more on the latest developments of China-US trade tensions, CRI reporter Xu Yawen earlier had a talk with Dr. Zhou Mi, a senior research fellow with Chinese Academy of International Trade and Economic Cooperation.

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