The US Treasury has again declined to label China a currency manipulator, saying the renminbi’s real exchange rate is rising at an annualised pace of 10 per cent.
In a politically sensitive report slipped out on Friday afternoon, the Treasury said high inflation in China meant its true exchange rate had risen rapidly since it was allowed to appreciate last June.
The report is further evidence that the issue of renminbi undervaluation has slipped down the agenda after China let its currency rise again, the Republicans regained control of the House of Representatives and Hu Jintao, China’s president, visited the US in January.
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