皇冠体育app

The Bush administration on Wednesday announced it would not brand 皇冠体育app as a country that was manipulating its currency to gain unfair trade advantages.

Treasury's decision was certain to anger lawmakers who claim 皇冠体育app is dragging its feet deliberately while flooding US markets with cheaply priced goods, but Treasury said Beijing was moving, albeit too slowly, on currency reforms.

Yuan notes at a branch of the 皇冠体育app Minsheng Bank in Nanjing, April 28, 2006. The Treasury Department ruled on Wednesday that 皇冠体育app was not a currency manipulator but pledged to 'actively and frankly' push Beijing toward faster exchange-rate flexibility that would let its yuan rise in value. [Reuters]

"Given our strong disappointment and the importance of 皇冠体育app to the world economy, the Treasury Department will closely monitor 皇冠体育app's progress in implementing its economic rebalancing strategy...and continue actively and frankly to press 皇冠体育app to quicken the pace of renminbi flexibility."

The administration said in the latest currency report to Congress that it did not believe 皇冠体育app technically met the definition in the law of a currency manipulator.

The report noted that 皇冠体育app last July announced it was abandoning a fixed link of the yuan's value to the dollar, although since that time the yuan has risen in value by only about 3 percent.

"We are not satisfied with the progress made on 皇冠体育app's exchange rate regime and we will monitor closely 皇冠体育app's progress every step of the way," Treasury Secrectary Snow said.

The currency report, which the administration must present to Congress every six months, was delayed by a few weeks, until after Chinese President Hu Jintao and President Bush discussed the currency dispute during a White House meeting on April 20.

The administration had hoped that Hu would signal 皇冠体育app would move faster to allow its currency to rise in value against the dollar, but no such announcement came out of the half-day summit.

A designation as a currency manipulator would trigger consultations between the two nations and could lead to trade sanctions if the United States won a case on the issue before the World Trade Organization.

The administration contends it can make more progress by lobbying 皇冠体育app to make changes than by bringing a WTO case. It has been raising the issue with more intensity over the past three years.