Yuan Not Manipulated, But Undervalued: US Treasury

Law360, New York (July 9, 2010, 4:37 PM EDT) -- China is not actively manipulating its currency, but the renminbi remains undervalued despite recent changes in policy, according to the U.S. Department of the Treasury.

The department on Thursday sent its semi-annual Report on International Economic and Exchange Rate Policies to Congress, saying that no major trading partner of the U.S. had manipulated the rate of exchange with the dollar to gain an unfair advantage in international trade in the second half of 2009.

In June, China announced that it would cease pegging the renminbi to...
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