Shades of Mitt but BBC headline: "US says China not a currency manipulator"
The US has decided not to declare China as having manipulated its currency to gain an unfair trade advantage. In its semi-annual report, it said Beijing did not meet the criteria to be called a currency manipulator, which could have sparked US trade sanctions.
Defeated US presidential candidate Mitt Romney had said he would have branded China a currency manipulator on his first day in office.
Twice a year, the Treasury gives a report to Congress on China's yuan policy. Previous reports have also found China keeps the yuan undervalued, but have fallen short of calling China a currency manipulator.
China has, since 2005, had a managed currency, whereby the yuan is pegged against a basket of foreign currencies. It has been slowing appreciating against the US dollar.
The Treasury Department issues a report on China's currency every 6 months. I guess if Mitt had been elected he would have gone "rogue" in January without waiting for another "bureaucratic" report from the Treasury Department.