Despite the demands of US lawmakers and manufacturers to the contrary, the US Treasury declined to accuse China of manipulating its currency to gain economic advantages, according to media reports. However, it still pressed Beijing to allow market forces to set the yuan's value. The Treasury report stated China's small revaluation of the yuan in July was a factor in its decision not to name China a currency manipulator. Some in Congress blame China's alleged undervalued currency for America's US$162 billion trade deficit with China last year, the largest-ever recorded with a single country. This year's deficit could near US$200 billion.