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The US Treasury Department has once again criticized the Chinese regime's currency policies, calling the yuan "undervalued" in a semi-annual report. But the report, which was delayed two months, avoids calling China a "currency manipulator."
The US Treasury Department issued a report Tuesday on Chinese currency policies. The report cited the process of value appreciation in the Chinese yuan as "insufficient."
The Obama administration has continued previous administrations' policy of expressing displeasure over the value of the yuan, but falling short of using the label "currency manipulator" for the Chinese regime.
US law requires that the Treasury Department make twice-yearly determinations whether US trading partners are manipulating their currencies. This year, as in all previous since 1994, the determination was that Chinese currency is not undervalued so seriously as to trigger that designation.
Current figures put the yuan at 6.3185 on Thursday, and the Treasury report defined the pace of appreciation since June 2010 as approaching 12 percent.
Yet many in American government, and especially in the US Congress, have suggested that the yuan is indeed being manipulated in order to unfairly boost exports--and that the decision not to use the "manipulator" label, is simply to allow room for continued private discussion on the issue between Chinese and American policymakers.
