US declines to cite China as currency manipulator

The Obama administration on Friday declined to cite China for manipulating its currency to gain trade advantages against the United States but said the pace of the currency's rise against the dollar needs to be accelerated.

WASHINGTON (Reuters) - The United States ruled on Friday that China was not manipulating its currency to gain an unfair trade advantage but it called the yuan "significantly undervalued" and vowed to press the Asian power for currency reforms. Many U.S. lawmakers argue China has gained a competitive edge over American manufacturers by keeping the yuan weak to boost exports, and Republican presidential hopeful Mitt Romney has vowed to slap a "currency manipulator" label on China from his first day in office if he wins the White House. ...

The Obama administration has declined to label China a currency manipulator, noting that it's let its currency rise nearly 10 percent in value against the dollar since June 2010.

The Obama administration declined Tuesday to label China a currency manipulator, noting that it has let the yuan rise nearly 10 percent in value against the dollar since June 2010.

WASHINGTON (Reuters) - The U.S.

[AP] - The Obama administration on Friday declined to cite China for manipulating its currency to gain trade advantages against the United States.

WASHINGTON — The Obama administration on Friday declined to cite China for manipulating its currency to gain trade advantages against the United States.