BEIJING, Aug. 6 (Xinhua) -- China deeply regrets the U.S. Treasury's decision to label China "a currency manipulator," the People's Bank of China said Tuesday.
Such a label on China does not meet the quantitative criteria for so-called "currency manipulators" set by the U.S. Treasury, the central bank said in a statement.
The U.S. labeling is an arbitrary unilateral and protectionist practice, which seriously damages international rules and will significantly impact the global economy and financial markets, it said.
The central bank called on the United States to "pull back before it is too late" and return to a "rational and fair track."
The recent weakening is a reflection of market supply and demand as well as fluctuations in the global foreign exchange markets amid changes of the global economic situation and rising trade tensions, the statement said.
The central bank has long been committed to keeping the yuan's exchange rate basically stable at a reasonable and balanced level.
The Chinese currency is the strongest among the G20 group and is one of the currencies that has seen substantial appreciation globally.
From the beginning of 2005 to June this year, the currency's nominal exchange rate appreciated 38 percent and real exchange rate strengthened 47 percent.
