China did not manipulate currency in 2010: US

WASHINGTON: China did not manipulate its currency to gain an unfair advantage in international trade in 2010, the US Treasury said on Friday in a long-delayed report to Congress.

The Treasury said that China, eight other countries and the eurozone were all cleared of accusations that they manipulated exchange rates to their own benefit.

“Based on the resumption of exchange rate flexibility last June and the acceleration of the pace of real bilateral appreciation over the past few months,” China’s behaviour did not qualify under the official definition of manipulation, it said. “Treasury’s view, however, is that progress thus far is insufficient and that more rapid progress is needed,” it added in the report.