China not a currency manipulator, US says

China isn’t a currency manipulator under US law, though the yuan “remains significantly undervalued” and needs to rise further, the US Treasury Department said.

China “has substantially reduced the level of official intervention in exchange markets since the third quarter of last year”, the Treasury said in a statement accompanying its semi- annual currency report to Congress on Tuesday. The yuan has gained 9.3 per cent in nominal terms and 12.6 per cent in real terms against the dollar since June 2010, the Treasury said.

via Business feed http://www.scmp.com/business/economy/article/1092755/china-not-currency-manipulator-us-says