US avoids labeling China a "currency manipulator"

The Obama administration described China’s currency as “significantly undervalued” but stopped short of calling the country a “currency manipulator,” a label that would require the US to take additional steps to press for revaluation to the yuan, The Wall Street Journal reported. The report from the Treasury Department noted that the yuan has risen 8% against the dollar since 2010 and Chinese officials have committed to letting markets play a greater role in the currency’s value, but that more should be done. “The available evidence suggests the [yuan] remains significantly undervalued and we believe further appreciation of [it] against the dollar and other major currencies is warranted,” the report said. Recent comments from Chinese officials indicate they believe the currency is trading near its fair value.