The Bush administration announced Wednesday it would not brand China a currency manipulator but reaffirmed its concerns China was moving too slowly on currency reform. The administration's twice-yearly currency report to Congress is likely to anger lawmakers who claim China is dragging its feet deliberately while flooding US markets with cheaply priced goods. Since a 2.1% revaluation in July, the first since the currency was re-pegged in 1994, the yuan has appreciated 1.2%. The report was delayed by a few weeks until after Chinese President Hu Jintao and President Bush discussed the currency dispute during a White House meeting on April 20.