The U.S. said it will keep pressing China to strengthen a “significantly undervalued” yuan while declining to brand the world’s second-largest economy a currency manipulator.
In its semi-annual report to Congress on exchange-rate policies, the Treasury Department said today that it will continue to “closely monitor” the pace of yuan appreciation and push for “policy changes that yield greater exchange-rate flexibility.”
The Treasury frequently delays the report. The last one, due Oct. 15, was released Dec. 27. The previous one, due April 15, 2011, was released May 27.