US declines to name China a currency manipulator: AP
YEREVAN, April 16. /ARKA/. The Obama administration is raising concern about the value of China's currency but is declining, as in recent years, to accuse Beijing of manipulating it.
The administration also expressed concern Tuesday about South Korea's actions in currency markets and about countries that use the euro and have wide trade surpluses.
The Treasury Department said China's currency, the renminbi, has appreciated but not as fast or as much as needed. Treasury reached that conclusion in its twice-yearly report on whether nations are manipulating currencies to gain trade advantages.
China has announced a modest easing of exchange-rate controls, which have been criticized by Washington and other nations. The action last month was among a series of reform initiatives aimed at making its slowing economy more efficient.
The issue has been a point of conflict because a weaker renminbi makes Chinese goods cheaper for Americans and U.S. goods costlier in China.
The range in which the tightly controlled currency is allowed to fluctuate against the dollar each day was doubled in size, though to a still relatively narrow 2 percent band.
The Treasury report said recent movements of the renminbi "would raise particularly serious concerns" if they're a prelude to renewed resistance by the Chinese government to letting the currency strengthen. Treasury said it will continue to closely monitor China's currency policy and "will press for further policy changes" that would let the rate be determined by the market. –0--