U.S. Treasury Department: China Not A Currency Manipulator
The U.S. Treasury Department has once again refused to call China a currency manipulator. Last Monday, the agency released its semi-annual Report to Congress on International Economic and Exchange Rate Policies, which concluded that, while the Chinese yuan is still undervalued, China has made “real progress” on currency issues. Treasury noted that the yuan has appreciated nearly 30 percent since June 2010.
The report also predicted that slowing growth in China would result in further depreciation against the dollar in the short-term.
According to the Alliance for American Manufacturing, it was the 14th time the Obama administration refused to call out China for currency manipulation.