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Saturday
May282011

Treasury Department Maintains China is Not Manipulating Currency

ChinaFotoPress/Getty Images(WASHINGTON, D.C.) -- The U.S. Treasury Department announced on Friday that China was not unfairly manipulating the yuan.

The Treasury issues reports semiannually, and, in contrast with the more outspoken Obama administration, has always refrained from calling out the Chinese government on the controversial practice.

The report said that China does need to let its currency rise in value, indicating that the exchange rate of the renminbi is undervalued.

Copyright 2011 ABC News Radio 

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