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U.S. government says China not currency manipulator
Latest Updated by 2006-05-11 09:58:50
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U.S. government says China not currency manipulator

The U.S. Treasury Department said on Wednesday that China was not a currency manipulator but pledged to "actively and frankly" push China toward faster exchange-rate flexibility.

In a delayed report to the U.S. Congress on its trade partners' currency practices, the department announced it would not brand China as a country that was manipulating its currency to gain unfair trade advantages.

The U.S. government is required to report every six months to the U.S. Congress and cite any countries that the United States believes are manipulating their currencies for trade purposes.

The current report was delayed from its deadline of April 15.

While the Bush administration has been pressuring China to allow its currency to rise in value against the U.S. dollar in the two years, the U.S. government has not designated China as a currency manipulator, a process that would trigger consultations between the two nations.

Editor: Yan

By: Source: China View website
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