The Obama administration said it had “serious concerns” about the rigidity of the renmimbi yesterday but stopped short of accusing China of manipulating its currency in a closely watched report to Congress, writes Sarah O’Connor in Washington.
The Treasury toughened its language on China in its half-yearly report on exchange rate policies. While acknowledging that Beijing had been important in steadying the global economy, it said recent moves to accumulate more foreign exchange reserves “risk unwinding some of the progress made in reducing imbalances”.
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