The US Treasury Department said China has shown “some renewed willingness” to let the yuan rise, Bloomberg reported, citing a twice-yearly report to Congress. While the department reiterated that the RMB “remains significantly undervalued” in its report on the first half of 2014, it did not designate any country as a currency manipulator. The report encouraged China to build on “the apparent recent reduction in foreign-exchange intervention and durably curb its activites in the foreign-exchange market.” China’s yuan retreated from a seven-month high yesterday as the central bank cut the currency’s daily fixing by the most in seven weeks amid a rise in the dollar.