The Treasury Department decided not to name China as a currency manipulator in a cleverly worded decision. The opinion was part of a Treasury report to Congress– the “Semi-Annual Report on International Economic and Exchange Rate Policies, consistent with Sections 3004 and 3005 of the Omnibus Trade and Competitiveness Act of 1988.”
The Report concludes that the renminbi remains undervalued. “On June 19, 2010, China took the significant step of ending its peg to the dollar and allowing its exchange rate to appreciate in response to market forces,” the document said.
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