The Chinese currency steadied on Tuesday, a day after
Beijing let the yuan weaken against the dollar, sending markets into freefall and leading the US to formally designate
China a "currency manipulator".
The US accusation on Monday was the second major escalation in the two countries' spiralling trade war in just 24 hours.
Both the onshore and offshore yuan breached the 7.0 level against the dollar, which investors see as a key threshold in the Chinese currency's value, and global equity markets tumbled amid fears of the escalating trade war between the two biggest economies.