The U.S. said China has shown “some renewed willingness” to let the yuan strengthen while reiterating the currency “remains significantly undervalued.”
In a twice-yearly report to Congress on foreign exchange, the Treasury Department said changes to China’s currency policy remain incomplete and the world’s second-largest economy should allow the market to play a greater role in setting the yuan’s value. The report covering the first half of this year concluded that no country was designated a currency manipulator.
The Treasury reiterated its call for more balanced global growth as the U.S. economy gathers strength, the euro area and Japan struggle, and emerging markets such as China face slowdowns. Countries including Germany, where domestic demand has been “persistently weak,” need to do more to support domestic growth and help the world economy, the report said.
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