US declines to name China a currency manipulator

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Associated Press

Posted on April 15, 2014 at 8:02 PM

Updated Tuesday, Apr 15 at 8:01 PM

WASHINGTON (AP) — The Obama administration is raising concern about the value of China's currency but is declining, as in recent years, to accuse Beijing of manipulating it.

The administration is also expressing concern about South Korea's actions in currency markets and about countries that use the euro and have wide trade surpluses.

The Treasury Department says China's currency, the renminbi, has appreciated but not as fast or as much as needed. Treasury reaches that conclusion in its twice-yearly report on whether nations are manipulating currencies to gain trade advantages.

China has announced a modest easing of exchange-rate controls, which have been criticized by Washington and other nations.

The issue has been a point of conflict because a weaker Chinese renminbi makes Chinese goods cheaper for Americans and U.S. goods costlier in China.

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