U.S. tightened position on the yuan, but do not accuse China of manipulating currency

The administration of U.S. President Barack Obama stated that "serious concern" the present value of the RMB, but did not accuse China of manipulating exchange rates, the newspaper Financial Times referring to the semi-annual report to the U.S. Treasury Department on monetary policy.

The report was sent to the fiscal authority to the U.S. Congress on Thursday.

U.S. are also concerned about the rapid increases in foreign exchange reserves of China and the "lack of flexibility" of its exchange rate policy, the report said. Recognizing the importance of China to stabilize the world economy, U.S. Treasury, however, noted that the accumulation of huge foreign exchange reserves "creates a risk of partial destruction of the progress that has been made in reducing the imbalance.



The report also states that during the first half of 2009, the U.S. did not fix the manipulation of exchange rates from its major trading partners.

Legislators, lobbyists, labor unions and the United States tried to exert pressure on the Ministry of Finance to develop a tough stance on the yuan, as the national currency deliberately undervalued China contributes to excessive and unwarranted cheap Chinese exports. Ministry of Finance noted the undervalued yuan, but did not reach the nomination of formal charges.

If the U.S. called China currency manipulator, in diplomatic relations between the two countries is likely there would be considerable tension, it would be extremely undesirable in anticipation of Barack Obama's first visit to China, scheduled for November.

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