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S&P 500 futures fall after U.S. Treasury calls China currency manipulator

SAN FRANCISCO, Aug 5 (Reuters) - S&P 500 futures dropped 1.2% late on Monday after the U.S. Treasury Department labeled China as a currency manipulator.

The U.S. government has determined that China is manipulating its yuan currency, and will engage with the International Monetary Fund to eliminate unfair competition from Beijing, U.S. Treasury Secretary Steven Mnuchin said in a statement. (Reporting by Noel Randewich, editing by G Crosse)