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US declines to name China currency manipulator

2:46 PM, Oct 30, 2013   |    comments
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WASHINGTON (AP) - The Obama administration is raising concerns about the value of China's currency but declined again to accuse Beijing of manipulating it.

The administration said that China's currency, the renminbi, remains "significantly undervalued." But officials say China's actions do not meet the legal requirements to be designated a currency manipulator.

That designation would trigger intensive negotiations and could ultimately lead to trade sanctions.

The decision came in a twice-a-year Treasury report on whether any nations are manipulating their currencies to gain trade advantages.

The report did say that the administration planned to closely monitor Japan's currency policies and those of South Korea. It also encouraged European countries such as Germany to boost their domestic demand as a way to shrink their large trade surpluses.

(Copyright 2013 The Associated Press. All rights reserved.)

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