The U.S. Department of Treasury has ceased from calling China a currency manipulator, The Wall StreetJournal reports. The yuan has been declared “substantially undervalued,” according to a report, which was originally due in October, and adds that no major trading partner meets the legal standard of improperly manipulating its currency.
The results are part of a report that the Treasury Department is required to submit to Congress twice a year to determine whether other countries are manipulating their currencies. The U.S. has stopped short of calling China a currency manipulator and instead used speeches and diplomacy to pressure the country to free its control on the yuan’s value.
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