The Obama administration on Wednesday rowed back from claims that China is manipulating its currency, declining to cite Beijing in a closely watched report to Congress.
The move avoids a confrontation with Beijing at a moment when world leaders are trying to present a united front against the economic crisis. It implicitly recognises China's efforts to help stabilise the world economy by avoiding competitive devaluation and boosting domestic demand.
“The Chinese have shown great commitment to playing a stabilising role in the system,” a senior Treasury official told reporters.
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