China not manipulating renminbi: US Treasury

Beijing has avoided a devaluation of the renminbi in recent months, the United States Treasury acknowledged on Wednesday, though it still believes the currency to be undervalued.

In its semi-annual report to Congress on International Economic and Exchange-Rate Policies, which covers from the end of June 2008 until February 2009, Treasury said: several economies including China had "either moved away from exchange-rate pegs to the dollar or have allowed for greater flexibility within a managed

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