China Must Let Yuan Rise Faster, Treasury Tells Congress
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The U.S. said China has made “insufficient” progress on letting the yuan rise and urged quicker appreciation, without branding the world’s fastest-growing major economy a currency manipulator.
The U.S. “believes that progress thus far is insufficient and that more rapid progress is needed,” the Treasury Department said today in a report to Congress on foreign-exchange markets. The yuan’s real exchange rate remains “substantially undervalued” and the department “will continue to closely monitor the pace” of appreciation.