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U.S. Softens Criticism of Chinese Currency

China, South Korea, Japan, Germany, and Switzerland remain on Treasury's list

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The U.S. Treasury said no major trading partner is manipulating its currency to gain an advantage in trade, while lauding China for acting to avoid a “disorderly” depreciation and then allowing the yuan to rise against the dollar this year.

“The Chinese currency has moved recently in a direction that would help correct the bilateral trade imbalance with the United States,” according to the Treasury’s twice-a-year foreign currency report released Tuesday in Washington. “But on a trade-weighted basis, the currency has become more competitive globally” amid a weakening greenback.

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