China not manipulating its currency to gain unfair trade advantage in 2010, but progress is possible to strengthen (appreciation) "not enough", said the United States Treasury Department Friday. Ministry of Finance said that China, eight other countries and the eurozone are all cleared of charges that they manipulated the exchange rate to their own advantage.
"Based on exchange rate flexibility to resuming last June and the acceleration of bilateral real rate of appreciation over the last few months," China's behavior does not qualify under the official definition of manipulation, he said in a long-delayed report to Congress.
"The finance ministry's view, however, is that progress has so far not enough and that faster progress is needed," he said, promised to "continue to monitor closely the speed of appreciation" of the yuan by China.
Besides China, the Ministry of Finance also see the euro zone policy and eight other economies: Brazil, Britain, Canada, Japan, Mexico, South Korea, Switzerland and Taiwan. "Ministry of Finance has concluded that no major trading partner the United States meet the standards" identified by the law "during the period covered in the report," he said.
Beijing accuses the United States keeping its currency undervalued (below the true value), flooding the country with cheap exports and expense of U.S. workers. China has promised to allow the yuan to increase in value, but the measured pace so as not to shake the economy is booming.
"Based on exchange rate flexibility to resuming last June and the acceleration of bilateral real rate of appreciation over the last few months," China's behavior does not qualify under the official definition of manipulation, he said in a long-delayed report to Congress.
"The finance ministry's view, however, is that progress has so far not enough and that faster progress is needed," he said, promised to "continue to monitor closely the speed of appreciation" of the yuan by China.
Besides China, the Ministry of Finance also see the euro zone policy and eight other economies: Brazil, Britain, Canada, Japan, Mexico, South Korea, Switzerland and Taiwan. "Ministry of Finance has concluded that no major trading partner the United States meet the standards" identified by the law "during the period covered in the report," he said.
Beijing accuses the United States keeping its currency undervalued (below the true value), flooding the country with cheap exports and expense of U.S. workers. China has promised to allow the yuan to increase in value, but the measured pace so as not to shake the economy is booming.
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