Trump administration labels China a 'currency manipulator'

The Trump administration yesterday designated China as a "currency manipulator."

The People's Bank of China allowed its currency to drop below 7 yuan to the American dollar, which is a psychologically important marker, according to CNN Business. That's the first time in a decade.

According to the report, the move may be a retaliatory measure following President Donald Trump's threat of new tariffs on $300 billion worth of Chinese goods.

China was last designated a currency manipulator under President Bill Clinton in the early 1990s.

Read more from CNN Business.