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US says China not manipulator but needs currency rise

Written by: Staff

WASHINGTON, May 10 (Reuters) The U.S. Treasury Department ruled on Wednesday that China was not a currency manipulator but pledged to ''actively and frankly'' push Beijing toward faster exchange-rate flexibility that would let its yuan rise in value.

Treasury's decision was certain to anger lawmakers who claim China is dragging its feet deliberately while flooding U.S. markets with cheaply priced goods, but Treasury said Beijing was moving, albeit too slowly, on currency reforms.

''Given our strong disappointment and the importance of China to the world economy, the Treasury Department will closely monitor China's progress in implementing its economic rebalancing strategy...and continue actively and frankly to press China to quicken the pace of renminbi flexibility.'' China's yuan currency is also known as the renminbi.

The Treasury ruling was in its twice-a-year report to Congress on currency practices of key trade partners. It also declined in its last report, on Nov. 28, to call China a manipulator and said it would keep pressuring China on flexibility.


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