The US has fired the latest salvo in its trade war with China -- officially labelling its economic foe as a 'currency manipulator'. On Monday, the yuan dropped below the seven-per- dollar level for the first time since 2008, sparking a sell-off on global financial markets. While stocks have regained some of those losses, the bumpy ride may be far from over, as the trade dispute threatens to become an all-out currency war. Laila Humairah reports. We got more on the story with Martin Jacques in London. He's the author of the book, 'When China Rules the World'. He's also a senior fellow at Cambridge University and a visiting professor at Tsinghua University in Beijing.

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